Surplus TDS U/S 194M

This query is : Resolved

Ashish Kumar Pandey (Querist)
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06 December 2024 Dear Sir,
As an individual Excess TDS deduct/paid u/s-194M of a contractor and form 26QD filed properly.
Case:-
Bill Date 25.09.2024
Bill Received date-05.10.2024
Bill amount 2500000/-
TDS amount- 125000/-
TDS Deduct/Paid @ 5% due to Sep Bill but received on Oct-2024
Form 26QD Filed with 5% reflect and shown
But Now, Form 16D Shown 2% TDS Rate and TDS amount 50000/-
Excess TDS of Rs. 75000/- Shown in Challan with Traces

Party Demanding Differential TDS of Rs. 75000/- to us
Question is how to utilised this surplus TDS amount.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 December 2024 File form 26B online...
In case of refund related to tax deducted under section 194M of the Act for which Form No. 26QD has been filed by the deductor,—
(a) Permanent Account Number may be furnished in place of Tax Deductions and Collection Account Number;
(b) in column II, in sub-column (5) relating to the 'period', may be left blank;
(c) in column II, in sub-column (7) relating to the 'Receipt number of relevant statement', furnish acknowledgement number of Form No.26QD.

Ashish Kumar Pandey

Ashish Kumar Pandey (Querist)
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07 December 2024 Sir,
we have already filed form 26QD on time.
need suggestion for how to use Surplus TDS of Rs. 75000/- in future, because party demanding diff. TDS from us.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 December 2024 This is what have been replied earlier.
The excess amount can be refunded back to the payee/ tax deductor by filing form 26B.

Ashish Kumar Pandey

Ashish Kumar Pandey (Querist)
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10 December 2024 Dear Sir,

Can we revise form 26QD.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 December 2024 Yes, it can be rectified, but to get refund of the excess amount you will have to fill form 26B as stated above.