LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

TDS paid in excess of TDS deducted

Anita Kulkarni (Student CA Final ) (166 Points)

21 June 2016

hello,
TDS deducted was Rs.5000 but TDS deposited RS .50000 wrongly ,now how to claim refund of excess TDs deposited.

Reply
Follow
Share

12 Replies

NITIN SHRIVASTAVA (Audit Associate) (21 Points)
Replied 21 June 2016

Easiest would be, you can claim from vendor. because altimately he can avail thaat benefit while paying tax.

Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 21 June 2016

see, there is no application/form of tds refund to be claimed

Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 21 June 2016

for this, u have to file income tax return, the tax payer should also show the calculation of income tax payble and tds alredy deposited, the software will automatically show ur net refundable amount

Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 21 June 2016

further, for intrest for excess deposit of tds deposited u/s 195 the payment of intrest provision is applicable u/s 244a @ 0.5pm (6%)pa from the april of the year to the date of refund granted.and assessee is time to time informed by authority for such intrest payment.
hope this all will help u
harshit kabra

Mohan (Audit Assisstant & Accounts Manager) (489 Points)
Replied 22 June 2016

There us TDS refund functionality on TRACE's site. You can follow the procedure mentioned. However, as suggested in earlier post the easy way is to settle this issue with your party, this will avoid all procedural complications. The second way us to claim this challan against TDS liability arising in future in respective quarters. This challan can be adjusted in 3 years liability I.e. previous year, current year and next year.

Ca Darshan Vedant (CA) (31 Points)
Replied 22 June 2016

Hi Anita,

Agree with Mr.Mohan, There is functanallity available over TRACES for applying refund of TDS, Subject to no TDS default is lying over TRACES on your TAN. However ,make it simpllly, you could adjust excess amount aginst your subsequent TDS liabilty.

2 Like

MUHAMMED JINASHKHAN.A.K (FINANCE MANAGER) (49 Points)
Replied 22 June 2016

The easiest way is that the excess amount to be adjusted against subsequent payment.

AJAY KANTILAL JOSHI (SR.EXECUTIVE - TAXATION) (21 Points)
Replied 22 June 2016

Dont Wory,

You will taken credit in whole Financial Year as per Traces and any section your are adjusted the amount of TDS.

subhash kumar jha (PROFESSION) (445 Points)
Replied 22 June 2016

No subsquent settlement is possible in case other than salary.

at the time of filing of TDS return put TDS deducted 5000 and put TDS deposited 50000 when TDS return will be processed u/s 200A then u will get intimation regarding your excess tds deposited .

and request for refund online u will get it.

Karthik Kumar N (Asst Manager Finance & Accounts) (81 Points)
Replied 22 June 2016

Yes agree with Mr Mohan & Mr Darshan option is available for TDs refund in traces but if there is default laying under TAN then refund will not happen so it's better option is u can adjust this excess paid TDS Challan for your up coming TDS liability which comes under 195

kamal p keswani (Practise) (179 Points)
Replied 27 June 2016

Similar query:

TDS of Q4 of FY 2015-16 has been paid in excess. Now can I claim that excess balance for payment of TDS in Q1 of 2016-17 as the challan will show old assessment year. Will I still get the credit or should I go for refund of TDS ?

CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 27 June 2016

No issue if paid 50,000 insted of 5000, while filing tds return give correct credit to deductee i.e. 5000, and give challan details, then u may use challan which has balance of 45000 in other quarter, for tds,interest or any late fees, if paid in fy 2015-16 then that challan can be used for fy 2014-15, fy 2015-16 or fy 2016-17, one year plus minus allowed, may call for clarification- 9911503621

pass entry in books

tds payable- DR 5000

Excess TDS paid(current assests)- DR 45000

Bank account CR 50000

1 Like