satish sutar (service) 11 March 2010

Wrong TDS Deducted

Dear Sir,

I want your suggestion regarding TDS, if in case we deducted wrong TDS and deposited same to Govt., is there any provision to collect it back or is there any other way ? Plz suggest your valuable & precious suggestion on this.

regards

satish s.

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3 Replies

AK PUNDIR (HOD (FINANCE & ACCOUNT)) 11 March 2010

Dear,

You may deducted the same from the party/person & that party can take / utilise the said refund on the ground of TDS Certificate.

Thanking You

Vineet (Director) 11 March 2010

There is no provision for TDS refund in the hands of deductor. The deductee can claim refund of tax deducted or adjust it against his tax liability.

mahendrakumar (marketing) 12 March 2010

yes,the deductee can only claim the refund by filing a return for the concerned assessment year or adjust it against his/her tax liability of the relevant year of assessment.