Excess TDS
JITENDRA
(Querist) 25 July 2011
This query is : Resolved
(A factual example)
For the Qtr 1 F.Y 10-11 , a provision was created on which 10% TDS deducted .For e.g On Rs. 100 provision 10% TDS is deducted ie Rs. 10.The client got Rs. 10 Credit.But the actual payment turn out to be Rs. 80 for which actual tds Turns out to be Rs. 8 .Now the Rs. 100(Income) has been reflected in client's 26 AS statement along with 10Rs TDS.Client is requesting to amend the return/certificate, such that the income is reflected as Rs. 80 as if takes the whole credit of Rs. 10 he will have to show income of Rs. 100 which is not actual income.His income is Rs. 80.Now question whether return/certificate can be changed to reflect in his 26 AS statement income as Rs. 80 and TDS as Rs. 10.The extra 2 Rs. TDS for which client had taken credit will be adjusted in next payment..
The F.Y in which TDS was deducted is F.Y 10-11.Whether it is possible to adopt the above procedure?
soumitra basu
(Expert) 02 August 2011
You have to revise the return showing income as Rs. 80 and TDS deducted is Rs. 10. Excess deduction is not an offence under the act.
JITENDRA
(Querist) 02 August 2011
Thanks for reply...Just want to know under which section/Rules the same can be revised as the same pertains to previous year.
