IF WE DEDUCT A CLIENT TDS ON PROFESSIONAL SERVICES(194J)(RS.20000/-) IN IIIRD QUARTER, BUT ACTUALLY IT WAS WRONGLY DEDUCTED ACTUALLY IT WAS EARNEST MONEY DEPOSIT(RS.2,00,000/-), NOW IN THE FOURTH QUARTER WE HAVE TAKEN SERVICES FROM THEM Rs. 1,50,000/- IN WHICH TDS IS APPLICABLE Rs. 15000/-, CAN WE ADJUST THE SAME AMOUNT (20000/-) AS WE EARLIER WRONGLY DEPOSITED TO I.TAX DEPTT. WITH THIS FOURTH QUARTER TAX LIABILITY WHICH IS Rs. 15000/-, ALSO REPLY WHAT WILL BE THE TREATMENT OF REMAINING Rs. 5000/-(20000-15000). THANKS, NITIN BHATT
29 April 2011
You can revise your Q3 TDS return & show 20000/- payment of TDS as unadjusted.
With the same challan details, you can show the adjustment of 150000/- payment in Q4, Rest 5000/- will be shown as unadjusted & refundable in your Q4 etds return.
After the final assessment of your etds returns, you will get the refund of excess paid TDS.
29 April 2011
Dear Subhash sir, thanks for your valuable comments, i have one more query abour remaining part of tds rs.5000/- can v adjust the same amount with other client 194j tax liability for ivth quarter.(i.e we have tax liability of one client for the month of march is rs.5500/- can v adjust the amount rs.5000/- from this client & pay the tax only rs.500/-. thanks, nitin bhatt
12 May 2011
dear experts, after preparing correction statement of IIIrd quarter , i have deleted the row of the respective deductee(Rs.20 k) in Sheet deductee details & in the sheet of " challan details" i have not made any changes while after verifying the sheet i found following errors in "TDS STATEMENT STATISTICS REPORT".
TDS/TCS - ERROR FILE Line No Record Type Statement Type Field Name Challan Details Record Number Deductee/ Salary Detail No. Error Code & Description 3 Challan C3 - Deductee Correction Section / Collection Code 6 - T-FV-3043 Invalid Section / Collection Code
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