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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
