tax query section 194 I AND SEC 194 H

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jitender sharma (Querist)
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06 December 2008 Dear sir my query is as follows:
One of our party taken lower taxtation of rent under section 1941 which cover our name too. We at head office was unaware of agreement between us and party. on reading the same we find that we had a agreement of agency not rent with the same. MY query is

We booked the entry as rent and deduct the tds @ lower rate 1.13% from 1.8.2008 to till oct 08. now in the month of novemeer we from november 08 booked the same under the head commission as per agreement and deduct the tds @ 10.3%. MY question is what we have to do with the earlier payment we made with lower taxtation and under the head rent. and how we can provide the tds certificate .

CA Mani

CA Mani (Expert)
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06 December 2008 My opinion is As under -

You have to deduct tds now for short deduction i.e. 9.17% and issue a certificate, reason being short deduction of tax amounts to offence and which results in penalty & imprisonment.

Lets wait for others response.................

Ajith Kumar

Ajith Kumar (Expert)
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06 December 2008 Deduct the balalnce amount of TDS now and pay it along with interest.

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