Excess Tds Payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 November 2009 My query is How to adjust /refund excess tds payment made in 1st qtr to comming qtrs in same Assessment Year.

For e.g Tds On Royalty (94J)

I have made tds payment(5 lacs) on credit basis to govt next month deal has been cancelled and liabilty comes to 2 lacs

how i can adjust excess tds of Rs 3 lacs on following qtrs in same Assessment Year.

if there is any provision for adjustment /refund please provide circular/notification issued by Govt .

please revert

chetan soni

chetan soni (Expert)
Follow

20 November 2009 yes, you can do that adjustment in the TDS returns. Follow the followings steps:

In challan details of TDS return mention the full value of challan & all relevant details. Now in deductee annx. mention the details of deductee to whom you want this challan to link. Now at the time of validation the summary file will show that TDS deposited is more than TDS deducted.

Now in Form 27A just mentioned in at clause 6. Other Information just mention Excess TDS deposit.

Now In IInd Qtr return same process for challan details & balance deductee details.
Carried forward the challan amount till it gets completed & follow the same process for all the Qtrs.

In case of any further issues feel free to contact on PM.