Please Help: TDS WRONLGY DEPOSITED CAN BE ADJUSTED IN NEXT YEAR.

Posted Date : 10-Jul-2012 , 04:29:21 pm | Posted By SUBHASH SHARMA

MY QUERY IS IN F.Y. 2010-2011 WE WRONGLY DEPOSITED TDS OF RS. 5,00,000 U/S 194I WHILE THERE WAS A LIABILITY OF RS. 50000 ONLY.
I AGAIN DEPOSITED RS. 50,000/- AND PREPARED AN APPLICATION FOR REFUND OF RS. 5,00,000/-
I SEVERAL TIMES VISITED THE INCOME TAX DEPTT FOR GETTING THIS REFUND BUT NOT YET GOT THE SAME.
NOW ASSESSING AUTHORITY SUGGESTED ME TO ADJUST THIS AMOUNT WITH THE CURRENT F.Y. 2012-12 ONWARDS
IS IT POSSIBLE CAN RS. 5,00,000/- BE ADUSTED. PLEASE CONFIRM
REGARDS
SUBHASH SHARMA

Category : Income Tax | Answers : 3 | Comments : 1 | Hits : 641

Answers

Answer By: Surendra Kumar Dash

Dear friend As per income tax provision if you have deposited excess TDS (U/S 194I) then it can't be refunded but you can adjust these excess money in the current F.Y. 2012-13 and onwards.

Answer By: Krishna Chandra Santi

As per my knowledge it your TDS liability (TDS Payable), for which you have paid Rs 500000 in stead of Rs 50000. I dont think its a normal mistake because you may not write five lakhs instead of fifty thousand. As it is your TDS liability you neither can adjust in the next f/y nor can apply for refund of such amount. Your creditor may take the benefit of such TDS.

Answer By: Krishna Chandra Santi

You can adjust the same amount against other creditors if you have not filed TDS return in the current year only..