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Adjustment of TDS

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..???

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2 Replies

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

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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.