Rohit Pandey (Student) (766 Points)
26 September 2011A person who is liable to deduct TDS, by mistake deducts TDS in excess of prevailing rates, whether, as per provisions of Income Tax Act any penalty can be imposed on him?
Secondly, does deductee has any legal right to complain to Income tax Department for the same and seek for damages and also what is the procedure of getting refund of tax deducted in excess?
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 26 September 2011
CA Vishal kapoor
(Partner)
(320 Points)
Replied 26 September 2011
agree with shashank ..can adjust the excess amount of TDS in future deductions of TDS as well as Advance Tax.
ashish gupta
( student)
(1922 Points)
Replied 26 September 2011
you have to file the Income tax return to get the refund.
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 27 September 2011
FIRST... IF THERE IS A SHORT DEDUCUCTION OF TDS,THEN PROBLEM..(penalty,int etc..)
IN CASE EXCESS DEDUCTION OF TDS,NO PROBLEM...NO PENALTY,NO INTEREST...
SO THAT THERE IS NO PENAL PROVISION IN THE INCOME TAX ACT.....FOR EXCESS...
SECOND....IF THERE IS A EXCESS DEDUCTION OF TDS,THEN WE PROVIDING CERTIFICATE TO THE DEDUCTEE,WHAT WE DEDUCTED,THEY CAN TAKE REFUND,BY FOLLOWING PROCEDURE OF REFUND...
sadashiv Rupchand Gaikwad
(Proprietor)
(521 Points)
Replied 29 October 2011
Deductee has credit into 26AS, Gross amount is mention there, so Deductee may claim Income tax refund from Income tax Department.
CAclubindia
