TDS payment on 23/02/2021

[Guest]

Payment was made on 01/12/2020, bill was also received on 30/05/2020, TDS was deducted on 23/02/2021 showing the assessment year 2020-2021.

Our income tax return for the A.Y.2020-21 has been filed and assessment was also made much earlier than this payment.

Now what shall do the strategy of this transaction. Please advise.

AI Summary

Adjust TDS challan to AY 2021-22 for Dec 2020 payment; update Q1 TDS return without affecting AY 2020-21. A query was raised regarding a TDS deduction made on February 23, 2021, for a payment on December 1, 2020, with the bill received on May 30, 2020. The issue was that the TDS was recorded for the assessment year 2020-2021, but the income tax return for this year had already been filed and assessed. The response advised correcting the assessment year to 2021-22 in the challan and updating the TDS return for Q1, as this would not affect the income tax return for AY 2020-21.