Advance tax and tds

This query is : Resolved

Vikas Malhotra (Querist)
Follow

22 September 2011 Dear All,

One of my client has deposited Rs. 2,00,000.00 as advance tax on 13/09/2010 but it was wrongly deposit under 194/c as TDS. Please let me know how to rectifed and what to do

Thanks and Regards

Vikas

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

22 September 2011 My suggestion is write a query to incometax department with full details.
OM SAI SRI SAI JAI JAI SAI

Tushar Desai

Tushar Desai (Expert)
Follow

22 September 2011 Writing to IT Department is not going to help. You can adjust Rs. 2L (paid under 194C) against future payable under same Section.

& as far as Advance Tax is concerned, the IT Dept will act blindly. They just check "What is paid till 15th Sept"!!! so, be ready to pay 1% monthly interest on Advance Tax payable till 15th Sept. Pay it with next installment of advance tax.

Upgrade to CAclubindia Pro. Subscribe Now!

Vikas Malhotra

Vikas Malhotra (Querist)
Follow

22 September 2011 they have deposited the same on 13/09/2010 i came to know the same while checking AS 26. So while finalizing the return we have to deposit the same along with the intrest ???

Tushar Desai

Tushar Desai (Expert)
Follow

22 September 2011 Yes... Tax + Interest... i think under section 234B or 234C

Vikas Malhotra

Vikas Malhotra (Querist)
Follow

22 September 2011 and what about Rs 2,00,000 wrongly deposited in TDS?????

Tushar Desai

Tushar Desai (Expert)
Follow

22 September 2011 You deposited XYZ amount under Sec 194C.

You must have deposited the same with reference to any valid PAN (in this case, you have written yr PAN only, right?).

Now, at the end of the year, you can claim refund under Sec. 194C.

Remember, payment under Sec. XYZ Refund under the same section