Respected Members,
I have a partnership firm in which Interest was provided during FY. 2025-26, but by some mistake TDS was deducted higher than it was required. Actual tds required to be deducted was Rs. 1.5 Lacs for 2025-26 on interest on Partner Capital. But it was deducted 1.9 Lacs for the year and same has been deposited.
So i want to ask can we Claim excess TDS on Partner Interest in next year i.e. 2026-27. or any other option to adjust the excess tds.
Pls suggest.
Thanks you.
To resolve the excess TDS deposit, the firm can either allocate the full Rs. 1.9 Lacs to the partner so they can claim an income tax refund in their personal ITR, or the firm can allocate only the correct Rs. 1.5 Lacs to the partner and use the TRACES portal to either carry forward the Rs. 40,000 unconsumed challan balance to adjust against FY 2026-27 liabilities or claim a direct deductor refund.
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