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Tds lower deduction certificate issued by ito backdated

Ajayraj (F&A) (55 Points)

25 September 2015

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

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2 Replies

CA Suri Kota (Assistant Manager @ EY) (955 Points)
Replied 25 September 2015

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)
Replied 26 September 2015

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