We had deducted Rs.5000/- tax from a party , however while paying to the government we had due to oversight paid Rs.6000/- . Since there is no other transaction for this party or any other party, please tell us how to file the TDS return.
17 June 2013
In case the excess payment is discovered by the deductor after the financial year concerned, the refund claim can be made to the TDS Officer concerned. No claim of refund can be made after two years from the end of the financial year in which tax was deductible at source.
The deductor should establish before the TDS Officer that: · it is a case of genuine error and that the error had occurred inadvertently; · the TDS certificate for the refund amount requested has not been issued to the deductee; and · the credit for the excess amount has not been claimed by the deductee in the return of income or the deductee undertakes not to claim such credit.
Read with circular No. 2/2011 [F. No. 385/25/2010-IT(B)] dated 27 April 2011
17 June 2013
Dear Sir, Thanks for your prompt reply. The refund can be claimed once the returns are filed. Could you please guide me as to how to file the return as the challan amount is Rs.6000/- whereas the tax deducted is Rs.5000/- How to show the challan amount of Rs.6000/- as showing the challan amount as Rs.5000/- would cause a mismatch and showing excess, would mean excess credit to the party and moreover whether the tds return statement will allow or not . Please tell us how to go about it.
CAclubindia
