TDS u/s 195

TDS 765 views 3 replies

MILIND GUMASTE

108 Points Joined April 2009

DEAR fRIENDS

I BOOKED A BILL FOR A PAYMENT TO FOREIGN PAYEE AND DEDUCTED TDS ON IT AND PAID TO GOVT

HOWEVER LATER ON WE FOUND THAT THE BILL ITSELF WAS WRONG HOWEVER PAYMENT OF TDS ALREADY GONE TO GOVT, IN THIS SCENE MY QUERRIES ARE AS BELOW :

1. CAN I ADJUST THE EXCESS TDS PAID WITH OTHER FOREIGN PAYMENTS

2. IF YES, AND IF THE EXCESS TDS PAID IN JANUARY AND WANT TO USE IN MARCH CAN IT BE DONE ?

3. IF EXCESS TDS PAYMENT MADE IN MARCH, CAN IT BE USED IN APRIL OF SUBSEQUENT FY

PL HELP ASAP

THANX

MILIND

Replies (3)

manikandan.J

Accounts Manager

363 Points Joined October 2008

i think you can't adjusted plz citied your mistake to IT Assessing officer or TDS Dept get the feedback about this kind of adjustment

RITESH KOTHARI

B.COM FCA DISA(ICAI)

778 Points Joined March 2009

The excess TDS deposited could be adjusted against the liability of that section (Sec 195 in your case) only and that too could be done till the filing of TDS return for that quarter in which TDS is Deducted.

You can adjust the Excess deposit of January in March, but could not adjust the excess depposit of march in April as the FY changes and it is distinguishly mentioned in the challan.

Hope you find me clear.

Rgrds,

CA RITESH KOTHARI