Last year tds payable is paid this year in excess of provision created last year.how to account it
7 Replies
CA Deepak Rathore
(EXPERT)
(281 Points)
Replied 27 June 2013
No probs
adjust it against next month liablity
vikas
(student )
(139 Points)
Replied 29 June 2013
as per CBDT cercular no.285 dt 21-01-1980 if tds deposited in current year more than provision for last year than deductor can claim the refund for excess payment of tds and this amt not adjust in current year becoz excess payment of tds adjust in same year and same quarter. deductor can claim the excess payment of tds as per the provision of income tax act
CA Deepak Rathore
(EXPERT)
(281 Points)
Replied 03 July 2013
I have adjusted eXCESS PAID AGAINST NEXT MONTH. IN MANY CASES..
vikas THERE IS NO QUESTION OF REFUND
AS WE HAVE DEDUCT TDS
buT BY MISTAKE WE HAVE DEPOSIT EXCESS AS COMP. TO OUR LIABLITIES
SAGAR
(ARTICLED ASSISTANCE)
(236 Points)
Replied 04 July 2013
Hai deepak sir,
Can we adjust that excess paid TDS in different Financial Year????
CA Deepak Rathore
(EXPERT)
(281 Points)
Replied 04 July 2013
yes
it will stand as income tax advances in our BS
k.lavanya
(audit staff)
(32 Points)
Replied 05 July 2013
The answers what I expect is accounting entry
Malav
(Accounts Audit Taxation and Finance )
(49 Points)
Replied 11 July 2013
Last year
TDS Payable Dr15000
Income Tax Advance (Short Term L&A - Statutory Remittances) Dr 5000
To Bank 20000
Current Year
TDS Payable (CY Provision) Dr 5000
To Income Tax Advance 5000
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