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if wrong deduction of tax at source

ankita daga (student) (140 Points)

10 September 2009

what if the assessee have deducted tds but the amount dint exceeded the limits at the end of the year?

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3 Replies

Debashis Mandal (Business & Tax Consultancy) (341 Points)
Replied 10 September 2009

Dear Ankita,

your question is not so clear to me - assessee means who deductor or payee

payee cannot deduct TDS in his/her own favour

if deductor then he will not be assessed for that TDS

again the limit is what, if u refer the section under which such TDS is deducted then answering of question will be much more easier for any friend.

So pls. clarify ur qn.

Thanks

Debashis

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neeraj (accounts & finance) (22 Points)
Replied 10 September 2009

i agree with Debashis

May be u r asking if tds is deducted while the deductee is not liable to tds?

then in that case he will receive form16(for employees) or form16A(for others), as the case may be, and file the return at the end of the year.

If there is a tax liability on the part of deductee then his liability will be reduced by tds else he will get refund

Gaurang Desai (CA FINAL & CS Inter Student) (123 Points)
Replied 22 October 2009

dear ankita, if u have deducted the tax then is your reponsibilty to pay the tax irrespective of the fact that person is elgible for deduction or not if u have does not deposited the amount then u can return the amount to the deductee or u have deposited then simply issue TDS certificate regarding that the deductee will get the credit