06 November 2009
we have deposited excess TDS in the Sept.09 Qtr. and have to filed the return. now we want to adjust the same in Oct..09. how can we do the same ?
06 November 2009
ya you can adjust the excess deposit. give credit the vendors in the september months which was not included earlier. (Ex: missed bills or late received bills on october which is belongs to september) but giving credit will be equal calculation to extra paid amount.
requesting senior experts, please give your suggestion above is correct or incorrect.
06 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 IIIrd Qtr return same process for challan details & balance deductee details.
In case of any further issues feel free to contact on PM.
06 November 2009
Depends upon the nature of payment on which you have deposited excess TDS, if the recipient has future transaction with you then it's not a problem and only in- house adjustments are enough.
e.g. if excess TDS deposited against salary in one month or qtr, then in next month we can deposit the TDS after deducting the excess paid ealier.
For refund of the excess paid to Govt. check the shared file from the link below.
06 November 2009
Thanks Chetan for explaning this. I was just thinking to save your reply but then it comes to my find that you are always here to help.
06 November 2009
Sanjay Did i explained some irrelevant information.
TDS on any nature can be adjusted against next month TDS but in the same financial year. It can on any nature of payment. We can adjust this with any party, because at the time of TDS payment we don't give the details of deductees.
I did this kind of adjustments 2 years back & it works.
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