vijaykanth bhattad (CA) (89 Points)
05 November 2014Good Morning Friends,
I have a query on TDS. An individual has started his business in April 2014. He makes payment as commission to a company and deducts TDS ( Company receiving payment advised to deduct TDS). But now he comes to know that he should not have deducted TDS as he is a non audit case. He does not have TAN and so he has not deposited TDS. Is it possible to give back the TDS amount to the company saying that TDS was actually not deductible.?
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 05 November 2014
Yes, you can refund such TDS amount to the party provided you reversed Journal entry passed in this regard.
Mihir
(Wealth Manager)
(5293 Points)
Replied 05 November 2014
Yes, you may return the TDS amount supported by proper accounting in yours and their company.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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