Saroj Rana (MBA Finance) (417 Points)
24 March 2008Dear Members
Plz give me solution
My Co. wrongly deducted the TDS from the party means the said party was an real estate broker so insted of sec 194H, I had deducted under sec 194I @ 20.60%.
So, how can i deposit the TDS amount(i.e in Bank) and how can I set up this problem?. How can the party will get back the excess amount????????
Plz give proper solution
CA Harbinder
(CA )
(1245 Points)
Replied 24 March 2008
I'm supposing that till now u have not deposited TDS amount , so U make the entry TDS (rental)Dr. with full amount to TDS (Commission) with half amount i.e.,10% and to party with the remaining amount and return the amount due to the party.
C.A. M.Com. Suhas A. Nagpure
(CA)
(1175 Points)
Replied 24 March 2008
If you have not deposited the amount in the bank then just change the entry & settle the party A/c in next transaction / payment
Rakesh
(CA)
(308 Points)
Replied 24 March 2008
1.The TDS amount deposted the bank and debited the same in his account.
2.The TDS return should be filled with right amount
3. If the TDS Return has been filed then revised return would be file so that the party can take credit
Saroj Rana
(MBA Finance)
(417 Points)
Replied 25 March 2008
I have already paid the amount to the party but I didn't deposited it at the bank so, at the time of deposit should I go with the amount which i have deducted??????????
plz clarify
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 28 April 2008
Mr.Saroj Rana. Relax!!!!
Even if you have paid it into the Bank, no problem at all UNLESS YOU HAVE QUOTED THE CORRECT SECTION OF TDS IN THE TAX REMITTANCE CHALLAN. You have deducted at a higher rate. Instead of reversing and returning excess deducted money, you can issue the TDS certificate to your client for the actual amount deducted, and let him claim refund when he files his return. I hope he wont mind doing that.
CAclubindia
