05 June 2015
on payment of rent to party, till date we were deducting tds @ 10% but now that party says that as he has tds certificate so we should deduct tds at lower rate and asking for money which were deducted extra now what should I do? whether that extra amount should be repaid to party and if yes how to correct status with traces
05 June 2015
no, only from the effective date mentioned in tds certificate for lower deduction owards the tds should be nil or lower as the case may be and earlier deduction should not be refunded as at that tim no certificate was produced and were liable for tds deduction
07 June 2015
Just ask the party to claim the TDS credit by filing the Income Tax Return. Since the Tax has already been deposited against their PAN nothing can be done. Simply convince the party to take the credit of TDS/Refund by filing the IT Return.
CAclubindia
