17 September 2009
We wrongly deduct & paid TDS including Cess & Ed.Cess (3%) from April 09, so how can I adjust this extra payment made. We have not aware that Ed.Cess & cess are removed from 1.4.09 we deduct & deposit TDS including Ed.cess (3%).
So guide me the procedure how to adjust this extra payment made.
17 September 2009
The excess payment would be the difference between the actual payment made by the deductor and the tax deducted at source or that deductible, whichever is more. This amount should be adjusted against the existing tax liability under any of the Direct Tax Acts. After meeting such liability, the balance amount, if any, should be refunded to the assessee.
CAclubindia
