Procedure for regulating refund of excess amount of TDS deducted and/or paid

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..... (TDS) and/or deductible is governed by Board circular No. 285, dated 21-10-1980. 2. Subsequent to issue of circular No. 285, new sections have been inserted under Chapter XVII-B of the Income-tax Act, 1961 . References have been received by the Board regarding inclusion of these sections also for the purpose of issue of refund of excess amount of the TDS deducted/deductible. 3. In consi .....

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..... system permits credit of the excess payment in the quarterly statement of TDS of the next quarter during the financial year. 4.2 In case, the detection of such excess amount is made beyond the financial year concerned, such claim can be made to the Assessing Officer (TDS) concerned. However no claim of refund can be made after two years from the end of financial year in which tax was deductible .....

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..... One Lakh and Rupees Ten Lakh respectively. 5.3 After meeting any existing tax liability of the deductor, the balance amount may be refunded to the deductor. 6. In view of provisions of section 200A of the Income-tax Act prescribing processing of statement of TDS and issue of refund with effect from 1-4-2010, this circular will be applicable for claim of refunds for the period upto 31-3-2010 .....

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