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of <h1>Procedure for Refunding Excess Tax Deducted at Source u/s 195: Guidelines for Cancelled Foreign Contracts.</h1> The circular outlines the procedure for refunding excess or erroneous tax deducted at source under section 195 of the Income-tax Act. It addresses situations where contracts with foreign collaborators are canceled, resulting in no income accruing to the non-resident or excess tax deductions. The circular allows refunds to be issued to the deductor, independent of the Income-tax Act, with prior approval from the Chief Commissioner. Refunds should be adjusted against existing tax liabilities, and any balance refunded. Each branch office is treated separately for tax deduction purposes, and adjustments are recorded in TDS statements.
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