Tds excess deduction

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1 Points Posted on 08 July 2020
I am mahesh r

we pay rent every month 35,00,000 but covid effect owner reduce rent 32,00,000 june month effect from april
but our confusion alredy we deducted tds 35,00,000 amount april and may.
owner provide rent reduction credit note 6,00,000 .
how to adjust excess deducted tds
pls explain
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On 08 July 2020 at 14:03 Report
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If you've overpaid TDS on rent due to a reduction in payments, don't worry. The excess TDS deducted can be adjusted against future TDS liabilities within the same financial year. You can also carry forward this excess amount to the next financial year using the updated FVU. This ensures you don't lose out on the overpaid tax.

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article clerk
29 Points Posted on 08 July 2020
The excess paid tds can be used further to adjust the tds liabilities of the same financial year as well as next financial year. Simply u can use the balance available in a tds paid challan for further utilisation in current FY and Next FY
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On 08 July 2020 at 14:27
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37 Points Posted on 09 July 2020

The excess TDS deducted for any quarter can be carried forward to the next quarter and can also be adjusted in the next financial year as per the new FVU available.

 

 

 

 

 

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On 09 July 2020 at 20:11

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