Gaurang (Manufacturing) (85 Points)
22 June 2011I have paid TDS on Interest of about Rs 2 lacs accrued on Deposits of shareholders. Due to bad shape of the Co., the shareholders have agreed to waive off the interest. I hv reversed the Interest accrued in the books.
Can I get back the TDS amount from the dept. What is the procedure.
Thanks
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 22 June 2011
you can not get back tds but it would be claimed by deductee
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 22 June 2011
I agree you cannot get the TDS back.
The reason you cannot , if you go for refund , this may lead to litigation.
The board is considering the matter but has not come out with any decision on this issue of refund of TDS excess deduction or refund of TDS issue.
Wait for replies from other friends.
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