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Excess TDS paid can be claimed in the next quarter as per the CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011. However the circular will not be applicable to TDS on non residents falling under Sections 192, 194E, 195 of the Income Tax Act 1961.
Further as per the File Validation Utility (FVU) 4.0 and 2.136 applicable from October 01, 2013, Surplus challan payments, from the immediate previous financial year(FY), may now be adjusted against current year dues.
Hence the excess TDS paid for Quarter 1 can be adjusted in the next quarter as per the above mentioned circular (applicable only for residents) and also it can be adjusted in the next financial year as per the new FVU available. However this amendment has been done without any changes in Income tax rules/Act so has no legal backing.
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