Wrong deduction of TDS

CA P KARTHIKA (Chartered Accountant) (715 Points)

07 May 2009  

Hi to all,

Can any one tell what is the subsequent things to be done if Tds is deducted wrongly at a higher percent other than the earlier percent at which he was entitled for TDS deduction.... If Tds is not yet remitted we can pay the balance to them and change the journal entry and pay the correct Tds... If other wise for a person to whom 2.266% is deducted so far now 10.3% is deducted and Tds is remitted, in such case the excess amount deducted should be paid to the deductee.

But any rectification is there for Higher rate of deduction of Tds by mistake after Tds being remitted?