TDS ON PROFESSIONAL
This query is : Resolved
28 April 2011
DEAR EXPERTS,
IF WE DEDUCT A CLIENT TDS ON PROFESSIONAL SERVICES(194J)(RS.20000/-) IN IIIRD QUARTER, BUT ACTUALLY IT WAS WRONGLY DEDUCTED ACTUALLY IT WAS EARNEST MONEY DEPOSIT(RS.2,00,000/-),
NOW IN THE FOURTH QUARTER WE HAVE TAKEN SERVICES FROM THEM RS.1,50,000/- IN WHICH TDS IS APPLICABLE RS.15000/-, CAN WE ADJUST THE SAME AMOUNT (20000/-) AS WE EARLIER WRONGLY DEPOSITED TO I.TAX DEPTT. WITH THIS FOURTH QUARTER TAX LIABILITY WHICH IS RS.15000/-, ALSO REPLY WHAT WILL BE THE TREATMENT OF REMAINING RS.5000/-(20000-15000).
THANKS,
NITIN BHATT
IF WE DEDUCT A CLIENT TDS ON PROFESSIONAL SERVICES(194J)(RS.20000/-) IN IIIRD QUARTER, BUT ACTUALLY IT WAS WRONGLY DEDUCTED ACTUALLY IT WAS EARNEST MONEY DEPOSIT(RS.2,00,000/-),
NOW IN THE FOURTH QUARTER WE HAVE TAKEN SERVICES FROM THEM RS.1,50,000/- IN WHICH TDS IS APPLICABLE RS.15000/-, CAN WE ADJUST THE SAME AMOUNT (20000/-) AS WE EARLIER WRONGLY DEPOSITED TO I.TAX DEPTT. WITH THIS FOURTH QUARTER TAX LIABILITY WHICH IS RS.15000/-, ALSO REPLY WHAT WILL BE THE TREATMENT OF REMAINING RS.5000/-(20000-15000).
THANKS,
NITIN BHATT
28 April 2011
yes it can be adjusted...
& no treatment for excess deduction.
the deductee can claim credit of the whole TDS amount of 20000
other opinions will be appreciated
& no treatment for excess deduction.
the deductee can claim credit of the whole TDS amount of 20000
other opinions will be appreciated
29 April 2011
I am not sure about such adjustments
as it is mention in TDS provisions that TDS has to be deducted AND deposited the same with govt.
but since there is no such provision with regard to adjustment so benefit can be taken
I request other members to suggest their views
thx
as it is mention in TDS provisions that TDS has to be deducted AND deposited the same with govt.
but since there is no such provision with regard to adjustment so benefit can be taken
I request other members to suggest their views
thx
29 April 2011
From best of my knowledge & practice we follow, TDS earlier deducted in excess may be adjusted in the coming period irrespective of the different quarters. Yes it is correct that even when there left some un-adjusted amount, it can not be settled. the deductee has to claim himself/herself the rest amount while filing his/her return.
30 April 2011
Dear Mr Bhatt,
While my friends have all stated is true, in case you have not issued TDS Certificates, what you may do is that Deduct TDS from other deductees (if there are any) and show that Deposit (Rs 5000) against those deductions. Submit revised quarterly returns for that quarter / Quarters and issue TDS accordingly.
It should not happen that you issued TDS certificates and then revise returns to negate those Certificates. This is done by alll bulk TDS Depositors.
Yes, in case you do not have other dedcutees, then what my Other Cooligues stated is true.
While my friends have all stated is true, in case you have not issued TDS Certificates, what you may do is that Deduct TDS from other deductees (if there are any) and show that Deposit (Rs 5000) against those deductions. Submit revised quarterly returns for that quarter / Quarters and issue TDS accordingly.
It should not happen that you issued TDS certificates and then revise returns to negate those Certificates. This is done by alll bulk TDS Depositors.
Yes, in case you do not have other dedcutees, then what my Other Cooligues stated is true.
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
- Where to show the RCM on Rent paid to unregistered landlord
- 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
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
