06 May 2013
In case any deductee submit his PAN during the year then TDS deducted in previous quarter could be adjusted in last quarter? For exp: In sep Interest paid rs 15357 and TDS deducted on it 3071 @ 20% as PAN not available but before march PAN submitted by deductee so at the time of payment of interest for March TDS was adjusted by the deductor @10% what should be the treatment in TDS return of march? Please suggest. Thanks in advance.
07 May 2013
But after making TDS entry we should have to fill challan details corresponding to that entries for example in the month of september say there are 14 entries to which challan of september relates so for filling challan details we select all 14 entries then fill challan details but in this case challan will mismatch if we adjust TDS so what to do?
07 May 2013
I don't think there is any issue. Suppose your challan amount is 20000 for five entries Non PAN holder @ 20%- 6000, others 14000, then n revised return update his pan no Show TDS deducted and paid 3000 and 14000 against others and 3000 excess paid to be c/f.
07 May 2013
Lets take a example: In 2nd Quarter she has deducted TDS for non-pan holder of Rs.6000/- and paid also then while revising return she can show Rs.3000/- as TDS deducted and paid towards that party for 2nd qtr. She can claim credit of excess paid in 2nd quarter in same AY.
07 May 2013
LIABILITY CAN EXCEED IF YOU HAVE DEDUCTED MORE IN A AY. 10% IS THE MINIMUM RATE AT WHICH YOU HAVE TO DEDUCT TDS. IF YOU HAVE DEDUCTED MORE THEN PAY IT TO GOVT.
07 May 2013
In my case total interest paid during the year is 48504 and total TDS deducted is 6386 which is more than 10%. Am I need to do any thing else in return?
07 May 2013
FOR 2ND QTR tds payable is 1536 in rev return mentioning PAN. similarly For 3rd Qtr payable is 1631/- in rev return mentioning PAN and in fourth qtr tds @ 10% less excess paid in previous qtr is payable
TDS if paid as per provision in totality will not affect the transaction
there is no infringement in the same
So the adjustments can be done on the same
because the same was pending for the 4th qtr
but if the same was done previously i.e if it was not pending then only revision in PAN was the option and no other way but to deposit the tax & the person will take the credit of that amount
since here the adjustment is possible so the same can be done
07 May 2013
Miss priya the same is the case went with one of my client the bank has deducted tds on various entries & in those deduction there are entries where
Deduction are some time @ 13.5% & some time it is 3%
The person responsible for making the payment referred to in sub-section (1) may, at the time of making any deduction, increase or reduce the amount to be deducted under this section for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the financial year.
CAclubindia
