20 April 2015
Client has deducted TDS for payment to interest to foreign bank.In Form 27Q instead of using 194LC and Deduction at 5% the consultant has selected the option of deduction at higher rate of 20 % and the return was filed with the excess 15 % being paid through an unconsumed challan available.
Because the Interest was net of taxes the bank does not care about the excess TDS deposited but the client has incurred a huge loss amounting to lacs.
Is there a way to revise the entries in which higher than pan is selected.
CAclubindia
