12 August 2009
Please provide your suggestion and respective provision for the below query. We remitted TDS twice to the department on 07 Aug 09 by mistake under sec 195, 192B, 194C, 194I, 194J for July 09. Can we adjust the excess paid in the next period?if yes how?. As these are deducted for individual vendors and employees salaries.. How to rectify... Please post your views..
12 August 2009
U can adjust the excess payment of TDS in next period but for that purpuse u should be mention the respective challan no. BSR Code, Bank Name, Date of paymet, etc at the time of filling return for the period.
12 August 2009
The excess amount you remitted to the Treasury can be adjusted against the deductions which you will make in the coming months. All you need to mention in the quarterly return are the challan number, BSR code. Say for example you remitted Rs. 10,000 twice ie., Rs. 20,000 (you should have remitted Rs. 10,000 only) for the deductions done during July’09. You have deducted Rs. 8,000 under various sections during August’09. You can adjust this Rs. 8,000 from the excess payment of Rs. 10,000 made in the earlier month. Thus you need not remit any amount into the Treasury against the said deductions of Rs. 8,000 done during August’09 as you have remitted in excess in earlier months. Thus you will be left out with a excess amount of Rs. 2,000 which you can adjust against the next month’s remittances. Say for september’09 you deducted Rs. 11,000 under various sections. Now on or before 7th Oct’09, you can remit Rs. Rs. 9,000 only (Rs.11,000 – Rs.2,000). While filling your quarterly return, you need to mention clearly the challan numbers & BSR codes of the two remittances made during the Quarter (One remittance in Aug’09 Rs. 20,000 and the other in Oct’09 for Rs. 9,000).
CAclubindia
