Dear Sir/Madam,
please confirm if we can do as below:
we have by mistake remitted some TDs for F.Y 2020-2021 and gave gross and TDs amout which we were not suppose to pay and deduct.
can the company revise etds with gross zero, retain TDs and claim from vendor whom this credit is given ?
Our books are audited and finalized, how to make last year adjustment now ? Financials are signed
Regards
Asha
From your query, it appears that due to an error, the Company has paid extra amount to the vendor - say double payment has happened. The TDS amount is also deposited into the Government Treasury and the same is captured in Form 26Q filed by the Company. Please confirm. If my understanding is correct, the Company could consider the following:
1. To adjust it with its future transaction
2. If there is not going to be any future transaction, it could consider revising the eTDS return by removing the entire line item. The TDS so remaining can be adjusted against any other party. The eTDS return software may not permit you to mention 0 in Gross amount paid column and hence you will need to remove the entire entry. Please note that now, challan for one particular year can be used in the subsequent year.
CAclubindia
