The company was required to make payment of tax on distributed profits of domestic companies of Rs 1,24,122/- and RS 1,24,088/- and accordingly deposited the DD tax of above mentioned amount on 27.12.2007 and 17.3.2008 in bank..
HOwever due to mistake . the above mentioned dividend on disbursed tax were unanimously deposited on challan no.281 of TDS Payments Challan mentioning the said payments towards the tds on DIvidend Payments (code 194)
The assesse was not required to make any payments towards Tax deducted at source as the assesse company has not decuted tax at source .
The said tax was required to be deposited in Challan No 280 towards the payment of dividend of income tax.
what shall be done now ??
Further the company has to quote PAN NO. INstead OF TAN NO.
can the payment be transfered from TAN to the said provision of section 115(o). ?
further The mistake was made by bank Which wrongfully submitted the above mentioned payment of 1,24,088 towards someone's else TAN no. .. Now how to transfer the said amount FIRSTLY to OUR TAN account .. AND FROM THERE towards the payment of tax u/s 115(O).
Thanks in advance
CAclubindia
