Bhavesh (Accounts) (899 Points)
28 January 2012In the F.Y.2011-12 for the 1st Quarter the Firm has deducted TDS On Contract and paid the same to government the sum of Rs. 1500/- more (Paid Rs.14000/-, Actual Payable Rs.12500/-). The Firm has filed all the Quarters TDS return.
My query is whether the above TDS which is deducted more can be adjusted in the 4th quarter of TDS return and if not whether we can make any rectification for the same.
Please reply on above TDS Query.
Mr. Bhavesh Vyas - As per your request (requirement) in the TDS RPU I entered the challan date as 06/06/2011 for Rs. 20/- . Against this chosen challan I entered PAN No. Name, Date of payment as 12/12/2011 amount paid as 100 TDS as 20 etc. etc.
I could successfully validate the RPU File.
From this I undertand you can adjust.
Legally there should not be any problem as it is only an advance payment.
----any how wait for others comments.
Sujith
(CA Student)
(104 Points)
Replied 30 January 2012
U can adjust the remaining amount in next Quarter under contracters (94c) only.....
Sujith
(CA Student)
(104 Points)
Replied 30 January 2012
U can adjust the remaining amount in next Quarter under contracters (94c) only.....
Sanjeev Parasrampuria
(B.Com CA Final CS Final)
(273 Points)
Replied 31 January 2012
If tds deduct on contractor first invoice is more than rate prescribed in law then whether TDS (Excess Amount) on next invoice of same party will be adjusted i.e. deducted the less TDS by Excess Amount?
For Ex.
First Invoice 100000
Tds @ 2% 2000 but deducted rs. 2500,
next invoice of same party 100000
Tds @ 2% 2000 but deducted rs. 1500,
Whether it is Correct or not?
Satyajeet
(Auditor)
(58 Points)
Replied 31 January 2012
Sanjeev,
The same is Correct; The amount deducted as TDS is more than Prescribed law, then TDS on next Invoice of same Party can be Adjusted...
Sanjeev Parasrampuria
(B.Com CA Final CS Final)
(273 Points)
Replied 31 January 2012
Thanks Satyajeet.
neha
(STUDENT)
(60 Points)
Replied 31 January 2012
NEHA,
sir, i have a query in TDS Return i.e If no TDS has been deducted in any quarter , then is this necessary to file the TDS Return of said quarter or not???
Vineet Goyal
(Assistant Manager - Finance & Accounts)
(702 Points)
Replied 31 January 2012
It is not required to file nil TDS return.
CAclubindia
