tds query urgent

This query is : Open

Nitin Bhatt (Querist)
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29 April 2011 DEAR EXPERTS,

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

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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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.

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Nitin Bhatt

Nitin Bhatt (Querist)
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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

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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29 April 2011 Yes.. that's absolutely fine.....you can do that

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NITIN SABOO

NITIN SABOO (Expert)
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29 April 2011 nitin pls also reffer circular no 2/2011 dt 27/04/2011 for further clarification as it is a latest clarification issued

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Nitin Bhatt

Nitin Bhatt (Querist)
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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