Less Deduction of TDS

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Debabrata Bhowmick (Querist)
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12 May 2008 A company has wrongly deducted less TDS and issued TDS certificate thereof.
Now, after detecting the mistake, the company has asked the concerned entity to return the balance amount (i.e. TDS should be deducted less TDS already deducted) and accordingly the concerned entity has returned the balance amount. Now the question arises that whether the new TDS certificate to be issued should be of balance amount or the earlier TDS certifate is to be called for and TDS certificate of full amount is to be issued

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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13 May 2008 Is it an excess deduction or short deduction is not clear

Debabrata Bhowmick

Debabrata Bhowmick (Querist)
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13 May 2008 It is a case of less deduction of TDS. After realising the mistake, the contractor has been asked to return the Differntial amount(TDS ought to be deducted less TDS actually deducted). The contractor has returned the differntial amount. Now the TDS cetificate for differntial amount to be issued or TDS certificate for full amount to be issued?

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CA SHARAD SINHA

CA SHARAD SINHA (Expert)
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15 May 2008 TDS CERTIFICATES HAVE LOST THEIR RELEVANCE IN THE PRESENT SYSTEM OF E-PAN LEDGER.HENCE IN MY OPINION THE CERTIFICATE CAN ALSO BE TAKEN BACK AND A FRESH CERTIFICATE COVERING THE CORRECT AMOUNT CAN BE ISSUED.IN ANY CASE YOU HAVE THE OPTION TO ISSUE CONSOLIDATED FORM 16A ONCE IN A YEAR