TDS ON PARNTER INTEREST

357 views
User Avatar

-
144 Points Posted on 29 July 2026

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.

0 Reply Share Follow
On 29 July 2026 at 12:03 Report
Replies (1)
User Avatar

pro badge

Finance/Compliance Consultant
69650 Points Posted on 29 July 2026

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.

Reply
On 29 July 2026 at 15:03

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidence requested for a Finance Professional with
  2. Expert Opinion Required – Form 140 Gross Amo
  3. WRONG TAX DEMAND - formal responses , rectificatio
  4. Foreign remittance
  5. Affordable Residential Flats in Gurgaon
  6. Manufacturing
  7. TAN REGISTRATION ON E-FILLING SITE
  8. Form 10-IEA – Continuing Old Regime
  9. Income tax act 2026
  10. Belated Return where Form 10IEA filed this year to

More recent discussions | Post

Related Topics :

Loading