carry forward TDS
This query is : Resolved
23 December 2009
is there any rule in income tax we can carry forward excess deposit TDS in previous year to current year????
Please reply asap.
Please reply asap.
23 December 2009
No provision in the act for such carry forward.
23 December 2009
thanks for your kind cooperation sir.
23 December 2009
There is no provision for carry forward of excess TDS. File a return and claim the excess TDS deducted in the same Assessment year as a refund.
23 December 2009
No such provision, file a return and show th eentire TDS paid as deduction and claim the refund.
23 December 2009
we can route the excess payment of tds.
If any co-operating client/party is there (to whom we have made payment (or credited) the payment on which TDS is made) then transfer the excess payment of TDS to its account by debiting its account and crediting the TDS account.
for example there are four parties to whom we have paid/credited interest of Rs. 100000/- each.
Total TDS is to be made @ 10% i.e. (100000*4)*10%=40000/-.
Now assume that total TDS which we have deposited with the department u/s 194A is 40200/-. We can pass the following entries.
Interest A/c Dr. 400000
To TDS (for A to D) 40200
To A 90000
B 90000
C 90000
D 89800
TDS cert to D can be issued for Rs. 10200 and to rest parties for Rs. 10000/-.
In income tax there is not any restriction on deducting TDS at a rate higher than prescribed i.e. 10%.
If any co-operating client/party is there (to whom we have made payment (or credited) the payment on which TDS is made) then transfer the excess payment of TDS to its account by debiting its account and crediting the TDS account.
for example there are four parties to whom we have paid/credited interest of Rs. 100000/- each.
Total TDS is to be made @ 10% i.e. (100000*4)*10%=40000/-.
Now assume that total TDS which we have deposited with the department u/s 194A is 40200/-. We can pass the following entries.
Interest A/c Dr. 400000
To TDS (for A to D) 40200
To A 90000
B 90000
C 90000
D 89800
TDS cert to D can be issued for Rs. 10200 and to rest parties for Rs. 10000/-.
In income tax there is not any restriction on deducting TDS at a rate higher than prescribed i.e. 10%.
23 December 2009
No provision for carry forward but you can go for refund
23 December 2009
AGREE,NO PROVISION FOR THIS REGARD.
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