TDS deduction
This query is : Resolved
24 March 2008
Dear Members
Plz solve this Query
My Co. wrongly deducted the TDS from the party means the said party was an real estate broker so insted of sec 194H, I had deducted under sec 194I @20.60%.
So, how can i deposit the TDS amount(i.e in Bank) and how can I set up this problem?. How can the party will get back the excess amount????????
Plz give proper solution
Plz solve this Query
My Co. wrongly deducted the TDS from the party means the said party was an real estate broker so insted of sec 194H, I had deducted under sec 194I @20.60%.
So, how can i deposit the TDS amount(i.e in Bank) and how can I set up this problem?. How can the party will get back the excess amount????????
Plz give proper solution
24 March 2008
Wrong amount debited to party and credited to TDS account for TDS , can be rectified by rectification entry , because the TDS is still to be paid.
24 March 2008
Plz clarify
24 March 2008
Mr sampat mean to say that if the tds amount is yet to be paid than just rectify the mistake by entering a rectification entry.
24 March 2008
yes pass a rectification enrty for the same and refund the excess amount deducted to the customer account.
Debit: TDS Payable U/S 194 I with the amount of TDS wrongly deducted
Credit: TDS payable U/S 194 H with the amount of TDS that should actually had been deducted.
Credit: Party A/C with the difference.
After this entry the balances in the TDS payable and the party account would be set right.
Now pay the party the excess TDS amount (as is credited to the party A/C in the entry above) that was wrongly deducted from him.
Regards
Prasad.R
Debit: TDS Payable U/S 194 I with the amount of TDS wrongly deducted
Credit: TDS payable U/S 194 H with the amount of TDS that should actually had been deducted.
Credit: Party A/C with the difference.
After this entry the balances in the TDS payable and the party account would be set right.
Now pay the party the excess TDS amount (as is credited to the party A/C in the entry above) that was wrongly deducted from him.
Regards
Prasad.R
25 March 2008
thanks
so what steps should be followed at the time of deposit (TDS amount)
so what steps should be followed at the time of deposit (TDS amount)
25 March 2008
plz help me out
25 March 2008
You have to pay the deducted amount to central govt. (in bank) through a challan. in that challan you have to mention all the details about on what status you deducted.
That challan format will be available in www.incometaxindia.gov.in
That challan format will be available in www.incometaxindia.gov.in
25 March 2008
Should I fillup the amount which i have wrongly deducted?????????????
25 March 2008
you have to fillup the challan as per correct head and as per the required rate.
25 March 2008
Thanks,
But there is another problem my boss had already handed me the TDS cheque with the wrong amount to deposit,so, what can i do now???????
plz give some solution
But there is another problem my boss had already handed me the TDS cheque with the wrong amount to deposit,so, what can i do now???????
plz give some solution
26 March 2008
The very first sollution is arrange a new check of right amount. but due to some reason if this is not possible, you can deposit excess amount. here you can deposit excess amount against those head in which you think that in future there will be further deduction. you can adjust this amount in future against liability of that time.
10 April 2008
thanks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
