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refund of excess TDS paid in 2007-08

Nitin Katira (Account Officer) (50 Points)

03 June 2008

Hi Friends,

I paid Rs.139000/- excess for rent tds A.Y.2008-09, can i adjust in next year or can i claim refund from government, if yes tell me procedure. Pleassssssssssssssssssssse reply.

Regards

NITIN

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8 Replies

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 03 June 2008

TDS is payment on behalf of deductee. So you have paid excess on behalf of deductee.

The only option is to debit the deductee .ASK him to claim the TDS refund. Realise it from the deductee.

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Sudhakara Reddy Sareddy (Article & CA) (33 Points)
Replied 04 June 2008

There is circular with regard to the refund of Excess TDS.

Please refer to the following for assistance.

Detailed procedure for Refund of Excess TDS Deducted:

There is no specific format in which such refund claim is made.
Application is to be made in plain paper to the assessing office (Know your Deductor-TDS Jurisdiction) with whom you are regularly filing the TDS returns quoting CBDT Circular. A copy of the CBDT circular may be kept handi for being referred during the course of any hearing.
It is also necessary that the copies of the returns of Tax deducted at source (Form 24Q and Form 26Q) for the relevant financial year are to be enclosed.
A calculation showing the details of Excess TDS remitted are to be clearly brought out in the paper.
It is advisable to enclose copy of the circular No. 285 [F. No. 275/77/79-IT(B)], dated 21-10-1980 to the refund application.

Regards

Sudhakar

Sudhakara Reddy Sareddy (Article & CA) (33 Points)
Replied 04 June 2008

There is circular with regard to the refund of Excess TDS.

Please refer to the following for assistance.

Detailed procedure for Refund of Excess TDS Deducted:

There is no specific format in which such refund claim is made.
Application is to be made in plain paper to the assessing office (Know your Deductor-TDS Jurisdiction) with whom you are regularly filing the TDS returns quoting CBDT Circular. A copy of the CBDT circular may be kept handi for being referred during the course of any hearing.
It is also necessary that the copies of the returns of Tax deducted at source (Form 24Q and Form 26Q) for the relevant financial year are to be enclosed.
A calculation showing the details of Excess TDS remitted are to be clearly brought out in the paper.
It is advisable to enclose copy of the circular No. 285 [F. No. 275/77/79-IT(B)], dated 21-10-1980 to the refund application.

Regards

Sudhakar

Sandip Kr. Biswas (Accounts Officer) (0 Points)
Replied 07 June 2008

Dera Sir,

I have received TDS from our staff at 31st Mar'08 for the hole year TDS(2007-08) & deposited at IT department. but still now i have not submit my return of 2007-08. What i will do now & what kind of Penalty i will face.

Plz, suggest me that what i will do now.

SANDIP

ACCOUNTS OFFICER.

CA Rahul Agarwal (CA) (93 Points)
Replied 07 June 2008

you must submit your etds return till 15th june 2008. if u fail to do so, a fine @ 100 per day shall be imposed.

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(Guest)

Please send me my TDS refund Details

(Guest)

send me My Vat TIN No. Details

(Guest)

Sir i have nt received the tds refund of the f.y 06-07 . This is tds from the consultancy fees. Wht is the reason for it and by wht time i will received my tds refund ?