Hi,
W.e.f oct 09 tds rate on rent of plant and machinery is 2%. The assessee has deducted and deposited tds @ 10% for oct, nov and dec.. Can we adjust it against tds payable in jan, feb and march.. or how to claim the refund..???
aishwaryaa .v (Direct tax) (78 Points)
12 January 2010
Hi,
W.e.f oct 09 tds rate on rent of plant and machinery is 2%. The assessee has deducted and deposited tds @ 10% for oct, nov and dec.. Can we adjust it against tds payable in jan, feb and march.. or how to claim the refund..???
Amir
(Learner)
(4016 Points)
Replied 12 January 2010
Dear Aishwarya,
follow this link, It might help u, I got this from this forum only from a friend Tarun
https://www.simpletaxindia.org/2009/03/excess-tds-deposit-refund-vs-adjustment.html
Divya K S
(CA)
(289 Points)
Replied 12 January 2010
Hi,
One way what we can do is that... File etds return with the actual amount paid (including excess) in Oct, Nov & Dec. The amount of excess TDS paid can be adjusted in the subsequent months in accounting records & the balance TDS amount can be remitted to the government.
Let the Gross amount in the ETDS returns be the same in the subsequent months & only TDS deducted will be low. The TDS amount & Gross amount per annum does not change & does not seem to be a problem.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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