tds on billing

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This query is : Resolved

harshit (Querist)

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)

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)

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)

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.

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