Tds refund

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Rajan

Service

77 Points Posted on 21 November 2013

Dear Members, We have paid TDS on rent payments for Q2 of F.Y. 2013-2014 and TDS return is also filed. Now, it has been brought to the account office notice that the rent agreement was upto June 2013 and further the payment is not required to be done and payment is kept on hold. But in accounts the expenditure is booked and the TDS is paid the TDS return is also filed. Now, please guide me as how to file correction /rectification TDS return as how the TDS paid in the inductee account Form 26AS will cancel. Thank you. email : rajan . phalke at gmail dot com Regards,

Replies (3)

Shivani Mittal

Practice

323 Points Posted on 21 November 2013

Acc. to Circular No. 385, credit of the excess payment can be claimed in the quarterly statement of TDS of the next quarter during the financial year i.e. Q3 of FY 13-14 provided you have not issued Form 16A to the landlord/deductee n he doesn't claim it as his tax credit and it was a genuine mistake. Such claim has to be made to the concerned AO(TDS) n the above three conditions have to be established before him. The following link elaborates it further :

https://blog.tdsman.com/2013/02/procedure-for-refund-of-excess-tds-deducted-paid/