Amit Bhatkar
(Service)
(457 Points)
We have made excess payment to bank by Rs. 1,000=00 for TDS u/s 194C in the month of April '2008.
My question is whether we could adjust such excess payment against tds liability u/s 194C arose in May ' 2008 ?
If yes, while filing quarterly return, what specific changes I need to do while updating the spreadsheet 26FormQ1 ?
Please advise
Amit
CA ALOK JAIN
(CHARTERED ACCOUNTANT)
(214 Points)
Replied 04 June 2008
dear
yes you can adjust the tds in the next month provided it is with in the same quarter because when you deposit tds you never mention the name of the person for which you have deduted the tds.
At the time of filling the return you have to only give the information of the person for whom TDS had been deducted
Amit Bhatkar
(Service)
(457 Points)
Replied 05 June 2008
Dear Sir,
Thanks for the guidance.
I have one doubt in my mind which may occur at the time of filing of quarterly tds return. In that return we have to upload the two sheets. ONE for challan details of bank SECOND is for the deductee's detials.
Now for the month of April when I put say Rs. 2,000 in challan detials - FIRST SHEET
And in SECOND SHEET - when I fill the assesseewise details for whom I deducted the TDS , the problem will create when the total of tds for respected deductee's for the month of april is only Rs. 1,000. By mistake we have deposited Rs. 2,000 as tds u/s 194C.
We are using My Tax Assistants skorydov package for online filing of Qrtly e-tds return. When we go for mapping / validation of data, definately it will show an error because we paid Rs. 2,000 but our deductee's tds total is only Rs. 1,000
This excess if we adjust in next months payment, again there will problem in validation because for the next month i.e May...... we will have the deductee list of Rs. 1,000 but the correspendent entry in FIRST SHEET ( challan details ) will be nil. As we are adjusting may month liability in april months excess payment.
So how could I tackle this situation ?
Amit
SHALLU
(service)
(20 Points)
Replied 05 June 2008
You can book any bill which you have received in the m/o May or June which relates to the month of April, in the month of April and in this way adjust the excess payment
| Originally posted by :Guest | ||
| " | You can book any bill which you have received in the m/o May or June which relates to the month of April, in the month of April and in this way adjust the excess payment | " |
i made one excess payment to the party if want to adjust the same in the present bill what should i sent to the party debit note or credit note kindly suggest
rajeev
(accounts)
(22 Points)
Replied 14 October 2008
| " | We have made excess payment to bank by Rs. 6,354=00 for TDS u/s 194C in the month of Sep '2008. My question is whether we could adjust such excess payment against tds liability u/s 194C arose in Oct ' 2008 ? If yes, while filing quarterly return, what specific changes I need to do while updating the spreadsheet 26FormQ1 ? Please advise Rajeev |
" |
rajeev
(accounts)
(22 Points)
Replied 14 October 2008
| " | We have made excess payment to bank by Rs. 6434.00 for TDS u/s 194C in the month of Sep '2008. My question is whether we could adjust such excess payment against tds liability u/s 194C arose in Ocr ' 2008 ? If yes, while filing quarterly return, what specific changes I need to do while updating the spreadsheet 26FormQ1 ? Please advise Rajeev Kumar |
" |
rajeev
(accounts)
(22 Points)
Replied 17 October 2008
| Originally posted by :Guest | ||
| " | We have made excess payment to bank by Rs. 6,354=00 for TDS u/s 194C in the month of Sep '2008. My question is whether we could adjust such excess payment against tds liability u/s 194C arose in Oct ' 2008 ? If yes, while filing quarterly return, what specific changes I need to do while updating the spreadsheet 26FormQ1 ? Please advise Rajeev " |
" |
S.Srinivasan
(Sr.finance Analyst)
(35 Points)
Replied 26 February 2009
Hi
Please let me know whether Income tax Act permits the excess payment [TDS U/s.194C] adjustement in subsequent month to different vendor/service provider.
CAclubindia
