Tds matter

This query is : Resolved

Mahalingeswar Senapati (Querist)
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12 March 2013 In Pvt. Ltd. Co. Due to wronge accounting entry we have paid excess TDS on Professional category i.e. 10%. I would like to know that, whether the excess TDS is adjustable in other category like Salary,contractor, Interest and rent etc. or it is refundable ?

If refundable then what is prcedure for claimng?

Thank U

CA Himanshu Kansal

CA Himanshu Kansal (Expert)
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12 March 2013 In your case, The company has deposited the excess TDS, therefore, When the Company will file the return of income under the Income Tax Act 1961, then, company can claim such excess TDS deposited as refund. In the middle of the year, there is no way to claim refund.