tds on billing

This query is : Resolved

harshit (Querist)
Follow

18 October 2007 our company one of the group company

In that company two companies are held, called "X" & "Y" Ltd

In X co., tax deducted on contractors bills& amount remitted in Bank (Rs.40,000)
for the last three months (a.y.2007-08).

now find out that contractors bills are not related to X co., related to Y co., only.

Now we are deducting the same bills in Y co and paid to bank (with interest- delayed)? or

please give me any clarification?

In x co the same amount adjusted in oct'07 tds payment?
plz urgent sir.

Suresh Agrawal

Suresh Agrawal (Expert)
Follow

18 October 2007 TDS once paid cannot be reversed in X co. eTDS return does not accept any negative entries.
You have to deduct TDS again in Y company and deposit with govt. with interest.

CMA Gul S

CMA Gul S (Expert)
Follow

18 October 2007 Hello Harshit,

You can do the adjustment in the TDS Returns at the End of the Year.

CA. Rayan Sequeira

CA. Rayan Sequeira (Expert)
Follow

18 October 2007 tax deducted and paid by one company cannot be adjusted with the other co. hence u'll have to deduct TDS again and pay to the credit of the central govt. if the company was the same but the party's were diff the u could have revised the returns.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ASIM ATREY AND ASSOCIATES

ABHISHEK RATHORE

madhu sudan

Sapan Kumar Nayak

Ramulu Thakkalapally

Subscribe Now

tds on billing

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA