Tax Deduction at Source (TDS)

This query is : Resolved

K V Subba Rao (Querist)
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25 October 2007 Inadvertently, excess TDS is affected from a Contractor and also remitted to the Department in a particular quarter.

This mistake is detected in the next quarter (in the same financial year). How to go about adjusting the excess payment.

Is it not possible to deduct the excess amount while remitting TDS due for next quarter (in the same financial year).

Kindly advise

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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25 October 2007 You may adjust the same but should revise the qly return

CMA Gul S

CMA Gul S (Expert)
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26 October 2007 Adjustment is possible but keep a Track of the same for the final return or there will be confusion and the department would ask the interest and penalty for short payment (that is adjusted towards Excess Payment )

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