16 January 2012
My client is engaged in the business manu. of various items. He paid Rs. 1037000/- to jobwork contractors and deduct Rs. 10370/- as TDS. Unfortunately by mistake he deposited Rs. 21496/- through netbanking towards TDS u/s. 194C instead of Rs. 10370/-. Now what to do in respect of excess payment of Rs. 11126/- at the time of preparing TDS return. Please give example to adjust excess amount paid.
16 January 2012
Deduction at higher rate may be shown in Deductee's A/c.
You may issue a certificate to the deductee showing the higher amount of TDS. . If he agrees to get it adjusted in his payment ... well and good. . Try this and allow him some time. After all he is getting significant benefits from your company. .
CAclubindia
