Tds

This query is : Resolved

AVNEESH KUMAR (Querist)
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03 December 2012 A PARTNER SHIP FIRM PAID INTEREST TO OTHER COMPANY AMOUNT Rs. 65,000 in f/y 12-13 AND DEDUCT TDS RS 6500 AND DEPOSIT IT TIMELY BUT IN SAME YEAR THE COMPANY HAS RETURNED SAID INTEREST TO THE PARTNERSHIP FIRM

QUERY-

1. CAN P.FIRM TAKE CREDIT OF SAID TDS PAID ?
2.IN AFTER SOME TIME THIS P.FIRM PAID INTEREST OF Rs 1,75,000 TO SAID COMPANY AND DEDUCT TDS OF RS 17,500 NOW THAT P.FIRM CAN ADJUST AMOUNT OF TDS PAYABLE OF RS 17,500 TO EARLIER TDS PAID OF Rs. 6500 AND FINALLY MAKE PAYMENT OF BALANCE TDS Rs 11000. IS IT CORRECT OR WORNG, IF WRONG THEN TELL CORRECT
3. THERE IS REQUIRED TO REVISED TDS RETURN ?WHAT IS PROCES ?

CA. ALOK SHARMA

CA. ALOK SHARMA (Expert)
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04 December 2012 1. No credit of TDS can not be claimed by firm.
2. Adjustments are not possible if quarter changes.
3. return needs to be revised. process can be attained from tin-nsdl.com