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TDS Excess Paid

karan (professional) (300 Points)

29 March 2010

I have Deposited TDS Excess of Rs. 115000/- in the month of January-2010 to the Govt.

can i adjust the same in this month (March2010)

the invoice got cancelled in the month of Feb-10 which i have by mistakly booked in Jan10

kindly suggest

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11 Replies

Ratan Deep Saxena (Asstt Manager (Accounts & Finance)) (2998 Points)
Replied 29 March 2010

moreever u cn claim refund of that at the time of Filing your Income Tax Return.

regards,

ratan

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Sunil Liladhar Kotak (Manager (F & A)) (2025 Points)
Replied 29 March 2010

yes,

to the best of my knowledge u can adjust the same

CHETAN (CA STUDENT) (154 Points)
Replied 29 March 2010

Originally posted by : Ratan Deep Saxena
	moreever u cn claim refund of that at the time of Filing your Income Tax Return. regards, ratan

Dear Sir,

I heard that In cas of excess deposit of TDS, we can only adjust same in future liability in same financial year. If refund is also applicable then that is the procedure of claiming refund. Pls suggest me

saranraj (CA FINAL) (419 Points)
Replied 29 March 2010

yes you can adjust the tds so paid against ur future tax liability

ganesh bhandari (B.Com Final C.A. Final CS Article Clerk ) (239 Points)
Replied 29 March 2010

Yes you can claim / adjust against the March Liability..

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karan (professional) (300 Points)
Replied 29 March 2010

Thank you all

subesh agrawal (professionl) (251 Points)
Replied 30 March 2010

please note that, u do not file tds return, in same its fall under same section adjust with other liabiliy.

kartik_somu (B.Com, ACA, CISA, CIMA) (1665 Points)
Replied 30 March 2010

what is the procedure for claiming excess TDS paid? Should i not show the amount paid in the quarterly e-tds filing.?

CA MARUTHI GANDHI (JOB) (60 Points)
Replied 30 March 2010

Hi Karan,

You said you have deducted excess TDS. have you deposited that TDS and filed quarterly return. in case if you paid TDS and filed quartearly return you can not adjust from futire liability. Why because in TDS challan you might be written AY2010-11 so it pertains only to the year of FY 2009-10. So only the option that you have with you is you can colledt from your client i.e from whom you have deducted TDS then he can file refund claim in his return.

In cas you have not deposited TDS you dont worry at all you can reverse the entry then ther will be no liability in books.

Thanks.

Maruthi