Extra tds deposited in same section

TDS 144 views 1 replies

Dear Sir,

Can i adjust Extra TDS deposited in Same Section in Next quarter in the Financial year.

Example:- i have deposited 2355 U/s 94c in 2nd Quarter, can this amount adjusted in 4th quarter of the TDS liability of Rupees 1078.00.

Replies (1)
  •  In case tax has been deposited more than the required tax deducted at source for a particular Assessment Year, the excess amount of tax can be claimed in the following quarters of the relevant year. The balance amount if any, can be carried forward to the next year for claim in the TDS statement. 

Example: If excess payment of Tax has been made in Quarter 1 of financial year 2013-14, the same can be used for Quarter 2,3&4 of F.Y. 2013-14 as well as for Q1 to Q4 of F.Y.2014-15. The excess amount of tax paid in Q1 of F.Y.2013-14 can also be used for payment of tax default of Q1 to Q4 of F.Y.2012-13.

jayadevan k.n. CA

 


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