My query/doubt is with regard to filing of TDS return. We have paid excess interest of 550/- in our challan for Q3. We heard that this can be adjusted in our Q4 return. Is it true? If yes, how can we show this in challan & deductee details in TDS-RPU . ie, total tax paid in Q3 challan was 12000, interest paid 750. Out of this, 550 was excess. Now we want to utilise this excess amount in Q4. Shall we put Q3 challan details (CIN & amount)as such or only Rs.550 in challan portion. What amount we need to show as interest to be allocated?How can we correlate this challan to deductee? ie, amount paid, TDS etc? Eg: if amount paid is 50000 and TDS 5000?
08 May 2015
Ajesh, If the excess is confirmed, then you have to put same challan details with full value in TDS, Interest columns. But in the second column of Interest [column 20 Interest to be allocated or apportioned] you have to enter the excess amount available (unconsumed Rs.550). At the same time you should not map this challan to any deductees.
12 May 2015
Sir, Thank you for your kind response...
If this challan is not mapped with deductee, how can credit for interest be available? Suppose we have excess interest credit 550 in Q3.TDS liability for Q4 is 5000 and interest for late payment is 750. Is it enough to enter only challan details. Then what to put at amount paid, tds etc in deductee details? If we didn't correlate/map challan with deductee, will it be a valid one?
12 May 2015
Ajesh, this challan is already consumed for some set of deductees. Now Interest only excessly paid. So you can use that excess for next quarter interest payable. In this situation you can not map this challan for any party, instead interest can only be used as in excess. So only I gave that idea.
CAclubindia
