TDS return

TDS 987 views 10 replies

radha

ggk

44 Points Joined July 2011

We made TDS payment for AY 2010-11 and 2011-12 wrongly in one challan and our CA suggest that the payment made for AY 2010-11 should treat as advance payment of TDS for the AY 2011-12 and in succeeding months make only balance payment after adjusting this amount

Now we are facing a problem in Quarterly return of TDS

ie:TDS payable U/S 194 c was 10500 on 5,25,000 @ 2% for current month.advance TDS payment was 7500 and we made payment of 3000 only this month and have 2 challan for the deduction

then how this will reflect in quarterly return? we have to show the full amount of payment for each challan or can divide the payment corresponding to the challan amount

Eg-Payment was 5,25,000. then we have to show

5,25,000 for challan 7500

5,25,000 for challan 3000

3,75,000 for Challan 7500

1,50,000 for Challan 3000

Please help me to clear this

Thanks & Regards

Replies (10)

Mihir

Wealth Manager

5293 Points Joined December 2008

I suggest you contact your bank and nsdl to make corrections in the challan instead of creating more complications.

valji

Accounts manager-MBA

2150 Points Joined July 2008

agreee with above

Shashi Bhushan

Learner Jalandhar

996 Points Joined February 2009

follow 375000 and 150000 way. in case of query from IT department You have proper explanation so no problem will arise.

Swapnil Jain

Finance - FP&A

564 Points Joined January 2011

go for second one....as it will result in proper calculations.... and as pointed by Shashi Sir, the post you have made is sufficient explanation to the IT officials....

Ashutosh Biswal

Asst.Manager Finance

283 Points Joined May 2011

Originally posted by : Shashi Bhushan
	follow 375000 and 150000 way. in case of query from IT department You have proper explanation so no problem will arise.

Go this way..

Raj

manager

24 Points Joined October 2011

I have a question on TDS would appreciate clarification

If a foreign company providing services to an indian company and the indian company deducts TDS or (tax withhold) on the invoice value, can we file returns to claim certain portion of the tax. If so how much can we claim, do we need to get a PAN card for the company?. We are planning to open a project office as the contract awarded is for a year extendable to another 6 months.

Would appreciate a reply.

CA Hardik Bunha

self

2121 Points Joined June 2011

hey told to ur C.A. that how it can be possible to deduct T.D.S. in advance.................

for T.D.S. deduction it must be

when contract bill received or when payment made whichever is earlier.

T.D.S may relate to one A.Y.

in your case your CA Suggest which is wrong..............TDS MAY NOT BE THE ADVANCE FOR TWO ASSESSEMENT YEAR.

Finally both option for u are NIL

Rs. 7500 will not be adjust against any bill.

and Rs. 3000 will be shortfall of T.D.s. in current year..........so deduct proper T.d.s in current year.

CA Mohd Anas

In Job

56 Points Joined May 2011

I face same problem.

In TDS payble a/c cr. balance was 47,070.00 as on 23.06.2011 so accountant make challan for same amount & paid.

After this I hv joined this Co. in Sept. and I noted that some TDS amount which is related to 3rd Q of FY 2010-11 has not been taken in the return.

After check the account I found that Rs. 42,104 is related to 3rd Q and Rs. 4,966 related to 1st Q of FY 2011-12 .

Now in TDS return I show challan amount 47,070 in both Q and TDS deduct against this challan Rs. 42,104 & 4,966 respectively.

Is this Right???????????????

Raj