Quarterly TDS Return
This query is : Resolved
25 July 2011
During the audit, i notice one observation. Our client deducted TDS us 194J twice on same invoice and they paid the same. However while filing the Quarterly TDS return, client shown only one payment and they are planning to take balance amount as set off in next quarter.
I am not sure but it is not allowable to take advantage of set off and deductee has to bear the same.
I want to know that it is allowed or not and if not then i need reference of the section which touch the observation.
I am not sure but it is not allowable to take advantage of set off and deductee has to bear the same.
I want to know that it is allowed or not and if not then i need reference of the section which touch the observation.
25 July 2011
You are right... Inter-quarterly set off is not allowed.
But, if the payment to the payee is also to be done in the next quarter for a similar amount & the deductor has excess TDS paid under same section, then the IT Department will not object to such adjustment.
But, if the payment to the payee is also to be done in the next quarter for a similar amount & the deductor has excess TDS paid under same section, then the IT Department will not object to such adjustment.
25 July 2011
Its not under any section or rule. Its basically the common accepted logic & principle, where an error has been rectified, without any loss to the exchequer.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- Reporting of STCG on Property in ITR
- ITR-4 vs ITR 5
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
