09 October 2013
Excess TDS payment is made, TDS liability is Rs.45925/- but paid Rs.65925/- in second quarter. Can this be adjusted in the third quarter by showing the same challan in both the quarters, as Q2 deductee total will be only Rs.45925/- and challan total will be extra Rs.20000/-
note: no deductee is ready to accept excess tax deduction
Don't worry at all. It was always possible to adjust future TDS liability against excess TDS paid. However, you will only be able to adjust TDS under the same section plus it would difficult if the adjustment is spread across different financial years. So make sure all the adjustments are completed by Q4
CAclubindia
