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Tds lower deduction certificate issued by ito backdated

TDS 384 views 2 replies

Ajayraj

F&A

55 Points Joined June 2009

ITO issued to a party short deduction certificate on 11th of September instating that TDS is to be deducted at a lower percentage from what required, now the party want us to give credit note of that amount.
So what can we do? and what to do with TDS returns ?

can someone help

Replies (2)

CA Suri Kota

Assistant Manager @ EY

955 Points Joined November 2007

Hi,

Is it for Q1 or Q2 ?

If it is Q2, still you can refund the same to Vendor and adjust the concerned TDS with any other vendor against Sept Payable.

If it is for Q1, you can insist that you can not refund as you received out of time. If at all you want to go far for the vendor, you can revise Q1 returns and adjust the balance challan amount with that in Q2 for any other vendor.

Thanks,

Suri

Ajayraj

F&A

55 Points Joined June 2009

Hi Suri, its for Q2 month of august we have deposited a challan say deducting the actual what should have deducted, now party comes with a lower deduction certificate on 15th of september which is effective from 1st august now what to do, in TDS return and in payment of september,

pl guide