Tds query

No probs

adjust it against next month liablity

as per CBDT cercular no.285 dt 21-01-1980 if tds deposited in current year more than provision for last year than deductor can claim the refund for excess payment of tds and this amt not adjust in current year becoz excess payment of tds adjust in same year and same quarter. deductor can claim the excess payment of tds as per the provision of income tax act 

I have adjusted eXCESS PAID  AGAINST NEXT MONTH. IN MANY CASES..

vikas THERE IS NO QUESTION OF REFUND

AS WE HAVE DEDUCT TDS

buT BY MISTAKE WE HAVE DEPOSIT EXCESS AS COMP. TO OUR LIABLITIES

Hai deepak sir,

Can we adjust that excess paid TDS in different Financial Year????

yes

it will stand as income tax advances in our BS

The answers what I expect is accounting entry

Last year 

TDS Payable                                                                                       Dr15000

Income Tax Advance (Short Term L&A - Statutory Remittances) Dr 5000

                                To Bank                  20000

Current Year 

TDS Payable (CY Provision)                        Dr 5000

                                 To Income Tax Advance    5000