we have deposited excess amount of TDS for the month of jun 08 by Rs. 40000, nd we have to submit the quaterly return. my query is how this excess amount should be show/adjusted in return. whether this excess amount of RS. 40000, should be adjusted.
As per the provisions of the act we need to apply for refund of TDS for the excess deposition but for the sake of convenience we adjust the same against a TDs liability likely to be paid but should be from the same section in which the said deposit relate.
For example if we have deposited the excess TDS on rent u/s 194J, the said excess amount shall get adjusted against 194J itself.
In the TDS return, match the liability with the deposit and show the details as per that data.
09 July 2008
dear vineet ji, thanx for ur reply, but whether we can carry fwd this excess deposited amount to the next quarter, by mentioning that challan no., that we have deposited earlier.for exp.:-
wrong deposited 40000 deposited correct 10000 Total 50000 vide challan no.10,dated 07/07/08
09 July 2008
dear vineet ji, thanx for ur reply, but whether we can carry fwd this excess deposited amount to the next quarter, by mentioning that challan no., that we have deposited earlier.for exp.:-
wrong deposited 40000 deposited correct 10000 Total 50000 vide challan no.10,dated 07/07/08
All you have to do is to file ur tds return for the next quarter giving the details of the same challan by which u have deposited excess amount. I think there will not be any problem.
CAclubindia
