Refund of excess balance in cash ledger due to TDS deducted
JANAK TANNA (STUDENT) (90 Points)
26 April 2019we are provider of works contract service to government.
as per provision of TDS, the governmental authority deducts our TDS and does the necessary compliance and the TDS deducted reflects in our electronic cash ledger.
now the question is, as we are already having excess balance of ITC in credit ledger, our future outward liability will get set off against ITC credit only. And as a result of that, the excess balance in cash ledger due to TDS will not be utilized for a longer period of time.
so can we apply for refund of excess balance of cash ledger which is generated due to TDS deducted by government?
if yes, is there any specific provision or notification or circular in this direction?