E-tds Return

This query is : Resolved

CA Suresh Paghdar (Querist)
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08 January 2009 My client has deposited excess tax in Dec-08 month under sec 94-c now
1) can this excess payment be set off agst Jan-09 TDS Liability ?
2) If yes,can it be set off agst tds payable under any section i.e.94C,94I,94J ?
3)and how this excess payment and setoff to be shown in Dec-08 qtr E-TDS Return ?
4) if set off is not possible then can it be claimed as refund ?

Sonia

Sonia (Querist)
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08 January 2009 Sir if the director Directly deposit the amount in the Bank of the co. without account payee cheq.(some how Rs 40 cr).& the co. remitted the whole amount by way of account payee cheq.
Is this transaction will attract the above sec.

CA Rohin Arora

CA Rohin Arora (Expert)
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08 January 2009 if any excess tds has been deposited in dec 2008.yes you can adjust the excess amount in the current invoice and deduct the balance amount of tds from jan liability.
2. it can be setoff in any section.
3. in etds return just show what amount you have deduted and in form 16-A both amount will tally the actual amount to be deducted in both tha cases....
4. set off is possible.

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CA Parvin Ahuja

CA Parvin Ahuja (Expert)
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08 January 2009 Company and its director are wo seperate entities. What appears from your question that the director deposited personal cash in bank account of the company and the company repaid by cheque. In my opinion this is violation of section 269ss of The Incoem Tax Act1961.