There are many discrepancy regarding adjustment of Excess TDS deductions. If the deductor remitted excess TDS amount from any employee under section 192, it can be adjusted under the same section in the coming month.
As per Income Tax Act for TDS Deduction under section 192(3), it is clearly provides that the deductor can enhance reduce the amount of tax to be deducted for the purpose of adjusting any excess or deficiency in previous action of deduction of tax at source. The excerpts of the said provision is given below:
As per Income Tax Act for TDS Deduction under section 192(3), it is clearly provides that the deductor can enhance reduce the amount of tax to be deducted for the purpose of adjusting any excess or deficiency in previous action of deduction of tax at source. The excerpts of the said provision is given below:
“(3) The person responsible for making the payment referred to in sub-section (1) or sub-section (1A)or sub-section (2) or sub-section (2A) or sub-section (2B) may, at the time of making any deduction, increase or reduce the amount to be deducted under this section for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the financial year.”
Therefore, you can do the said adjustment without any hesitation.
