09 November 2013
There is no provision on this point in the law, and this is called trade case. In this case, the only resolution is that if the TDS is credited to the deductee's a/c in income tax site then you can ask him to reimburse the amt as the payment was done in his a/c, but this is possible if you have good relation with that person.
Alternate case may be, that transection may be declined by the tax authority as the name would not be same as deductor..
I hope this is fine..
For more detailed answer, reach me at "skumar_1986@live.com"
09 November 2013
Dear Garima, yes it is correct banks have the right to reverse the transaction but it is possible only if you approach them same day... Once the day elapsed they will not be able to change it... Still you need not worry.. The only option with you is to approach the local jurisdictional officer administering TDS... they can make changes in their database and payment made will be credited towards your TAN no... It is better advisable to take confirmation from that other person that he has not made any such payment and it is only you who has made payment mistakenly from his TAN No...
CAclubindia
