I have to paid TDS excess amount. is it possible for adjustment. how to adjust this.
example: A company is paid advance to B Rs.2,50,000/-, deduction of TDS is 1,875/-. but B is submitted the bill amount of Rs.2,50,000/-. in this bill taxable value is 2,11,865/-, Gst amount is 38,135/-. but tds deductible on 2,11,865/- TDS amount is 1,589/-. how to adjust remaining balance.
5 Replies
Sunil Sunny Kumar
(61 Points)
Replied 17 October 2020
What is actual tax deducted you claim as tax or refund. if any discripency in filing TDS deducter will correct this.
Amit Khare
(204 Points)
Replied 17 October 2020
In my opinion TDS is deductible on full bill amount and not on taxable value. Secondly if you have deducted extra tds and paid to govt that can be adjusted against any other entry.
kumara swamy
(accontant)
(35 Points)
Replied 17 October 2020
Thank you for your help sir. Taxable value means before Gst value, remaining is GST tax. I think tds is not applicable on gst tax amount. is it correct or not. please suggest me.
Amit Khare
(204 Points)
Replied 17 October 2020
In my opinion TDS is deducted on whole amount paid by the co. i.e 250000 in your case.
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