bujjulu (e-TDS + IT return filer Hyderabad) (729 Points)
24 April 2013A finance co. has paid Rs. 2lakhs excess of the TDS than deducted. (on interest) .
Now what is the procedure to claim refund from the dept. As it is a known fact how difficult it is to get refund
are there any alternatives available -please suggest.
If no to apply for refund is there any prescribed form.
After applying is there any possibility of adjusting this aamount against any default notice pending...?
Professionals pl.suggest.
CMA RAVI
(ASSISTANT MANGER - FINANCE)
(478 Points)
Replied 24 April 2013
bujjulu
(e-TDS + IT return filer Hyderabad)
(729 Points)
Replied 25 April 2013
While filing..............How to apply...........Is it to the NSDL facilitaion centre.
Deepak Baghel
(Accountant)
(74 Points)
Replied 25 April 2013
Hi
You can adjusted your excess payment of TDS against other deducted TDS on interest but in same section for example if you paid excess TDS u/s 194A then you can only adjusted it in same section. If it is not possible in same quarter you may carry forward for next quarter.
Still it is excess after adjustment you also adjusted in nex year.
TDS can paid in advace.
I hope it will helpfull for you.
Thanks.
bujjulu
(e-TDS + IT return filer Hyderabad)
(729 Points)
Replied 25 April 2013
Though your reply is clear for doubly confirming I am asking you - Can I adjust it in the I quarter of 2013-14. i.e the challan already paid is for 5 lakhs. 3 lakhs are already claimed. Now in the first quarter can I claim the balance giving the same challan No. and amount etc. details. Will this not be rejected saying that the challan is claimed twice.
Deepak Baghel
(Accountant)
(74 Points)
Replied 25 April 2013
Yes you can, Challan No. is immaterial in your case Challan amount is considered
Means assessing officer is assessed only due amount payment amount if it is tally then there is no problem for him or her.
MD.Taufique
(CA,CS)
(308 Points)
Replied 25 April 2013
Dear All,
Suppose a company has paid excess TDS/TCS in 4 quarter of financial year 2011-12. Can such a company adjust the excess amount paid against TDS/TCS in Q1 of financial year 2013-2014 using the Q4(2011-12) challan number. Will there be any problem while submitting the TDS/TCS returnin Q1(2013-14).
What I feel is that the excess amount to be adjusted in the same financial year to which it pertains.
The best alternative would be to file an refund application to DCIT(TDS/TCS) which the company adopted.It is now more than 1 year but there is no response from income tax department.
Is there any alternative to adjust the excess amount or please provide a proper measure to get the refund of excess amount.
With regards,
Md.Taufique Ansari
Deepak Baghel
(Accountant)
(74 Points)
Replied 26 April 2013
Hi
As you all are aware that claiming of refund from Govt department is not an easy taks. If govt can provide refund timely than there will be not tax evision in India.
In my opinion you should cordiate with your tax consultant & follow up with concer DCIT( TDS & TCS )
Thanks.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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