We have deducted excess amount of tds u/s 194A in 4th Quarter @ 22.66% instead of 20.60% on payment of Interest of Rs.1801738/ and excess tds deducted is Rs.37116/- , the same amoutn deposit with bank.
Now deductee has objected to excess amount of tax and ask for refund of excess amount. please advise us how we can adjust excess amount in other section 194C.
03 May 2008
I think u have to say sorry to deductee n advise the deductee for claiming refund. Excess amount is deposited with bank n now we have not that money. Excess money is now with Income tax office and better way for getting back the amount is deductee should have to claim refund by submit Income Tax Return.
CAclubindia
