26 May 2009
Due to oversightness in TDS payment double payment has made for TDS on rent in last financial year . During F.Y. 2008-09 payment has already made for TDS on 7th March 2009 for February month, but the same payment has again made on 7th May 2009.
Kindly suggest how we can adjust the same in our books of accounts and claim refund for excess payment of TDS.
26 May 2009
Once the payment has been made to the credit of government, then only the reciever of the payment can claim it in his/her ITR. What you can do is to adjust this amount with the party's account. Recover the amount from the party because ultimately the party shall claim it from the Income tax department.
26 May 2009
But actually the problem is that it is related to last year therfore deduction can't be made in books in last year. we have made second payment on 31st may 2009 but take AY 2009-10.Please help its urgent
26 May 2009
Has 31 May 2009 gone? I dont think so. Please be correct in your question. Write your question in detail so that we can have some discussion on your issue. As far as I could understand, you can make adjustment in party account in current year also. He will claim the TDS in his current years ITR. This is the practical solution, without much problems. Rest can be explained when you will give the exact dates and exact problem.
26 May 2009
I think the best remedy in this case is what I have written above in my second reply. This is the easiest practical approach. I dont see any other option in this case, because this is for sure that you can not recover the TDS amount from the department. Only the party can claim the same. So best way is that you recover the amount from the party in current year, and party will recover it from IT Deptt in their ITR.
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