Hiral Mehta (Job) (118 Points)
10 August 2016Hi,
In case of TDS u/s 195 by mistake i have deducted & paid tax @ 20.60% for Q1. Applicable TDS rate is 10% only. so now how this situation will be treated?
Shall i revise Q1 return? What should be done for the excess payment of TDS which is already paid? can i get the benefit of balance amount in Q2 if i revise the return?
CA PRATIK DHRUVE
(CHARTERED ACCOUNTANT)
(634 Points)
Replied 10 August 2016
you need to revise the return and you can avail set-off of the excess tds paid against such future payments even in subsequent quarter.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
CAclubindia
