We have created monthly provisions towards professional fees payment and deducted TDS @10% on the same. Total professional fees was supposed to be payable at year end however management now inform us that said fees is no more payable. We filed quarterly eTDS return on reported said TDS on vendor PAN.
Now since said fees is no more payable, how can we utilise TDS deducted in last financial year ? Can we move that to other PAN ? Or can we claim refund ? Can that be adjusted against other vendors TDS liability in this year ? Please advise. Thanks in anticipation.
CAclubindia
