notice regarding some less deduction in tds return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 May 2012
Hi,
I have submitted TDS Return for the first quarter 2010 (a.Y. 2011-12) and now we have recd.a notice from Income tax deptt that we have less dedutcted TDS from one of our service priveder. while checking our records we found that there was a service bill for Rs. 11030/- that was entered in our books in April 2010. but payment against the abovesaid bill was made to the service provider for Rs. 4420/- in April 2010 and for Rs. 6610/- in May. 2010. And we have deposited the TDS respectively Rs. 420/ -on 07/05/2010 and Rs. 661/- on 07/06/2010.
We are using Tally . ERP9, and at the filing of TDS of return in Annexure to form 26Q, the assessable value for Rs. 11030/- has been shown in April as well as Rs. 11030/- so in this way the assessable value of same bill has been shown twice.
Now please help us how to reply for the notice regarding Assessement for the return.
Should we submit revised return or is there any method to resolve the problem ?
Please help me.
Savita.
I have submitted TDS Return for the first quarter 2010 (a.Y. 2011-12) and now we have recd.a notice from Income tax deptt that we have less dedutcted TDS from one of our service priveder. while checking our records we found that there was a service bill for Rs. 11030/- that was entered in our books in April 2010. but payment against the abovesaid bill was made to the service provider for Rs. 4420/- in April 2010 and for Rs. 6610/- in May. 2010. And we have deposited the TDS respectively Rs. 420/ -on 07/05/2010 and Rs. 661/- on 07/06/2010.
We are using Tally . ERP9, and at the filing of TDS of return in Annexure to form 26Q, the assessable value for Rs. 11030/- has been shown in April as well as Rs. 11030/- so in this way the assessable value of same bill has been shown twice.
Now please help us how to reply for the notice regarding Assessement for the return.
Should we submit revised return or is there any method to resolve the problem ?
Please help me.
Savita.
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 May 2012
pleasde reply the abpve query related TDS return
14 July 2024
Based on the situation described, it appears that the TDS return filed for the first quarter of 2010 (AY 2011-12) has an error where the assessable value for a service bill of Rs. 11,030/- was inadvertently shown twice in the Annexure to Form 26Q. This resulted in the TDS deduction being reported incorrectly.
Here’s how you can proceed to resolve this issue:
1. **Understand the Notice**: Review the notice from the Income Tax Department carefully. It likely specifies the discrepancy in TDS deduction related to the service bill of Rs. 11,030/-.
2. **Correct Assessment**: The correct approach would be to rectify the mistake in the TDS return. Since the assessable value was mistakenly reported twice, leading to incorrect TDS deduction, you should prepare to submit a revised return to rectify this error.
3. **Prepare a Revised TDS Return**: In Tally.ERP9, you can prepare a revised TDS return (Form 26Q) for the relevant quarter (Q1 2010). Ensure the revised return reflects the correct assessable value and the corresponding TDS deducted (Rs. 420/- on 07/05/2010 and Rs. 661/- on 07/06/2010).
4. **Reply to the Notice**: Draft a response to the notice explaining the error and detailing the steps you have taken to rectify it. Include:
- Explanation of the mistake made in reporting the assessable value twice.
- Mention that a revised TDS return has been prepared and filed to correct the error.
- Provide details of the original return filed and the revised return filed subsequently.
5. **Submit the Revised Return**: File the revised TDS return using Tally.ERP9 or through the income tax department’s online portal, depending on the procedures applicable at the time.
6. **Document Everything**: Keep copies of all correspondence, the notice received, your response, and proof of filing the revised return for future reference.
7. **Seek Professional Advice if Needed**: If you are unsure about how to proceed or need assistance in preparing the revised return and drafting the response to the notice, consider consulting a tax professional or chartered accountant who can provide guidance specific to your situation.
By following these steps, you can effectively address the notice from the Income Tax Department regarding the incorrect TDS deduction and ensure compliance with tax regulations.
Here’s how you can proceed to resolve this issue:
1. **Understand the Notice**: Review the notice from the Income Tax Department carefully. It likely specifies the discrepancy in TDS deduction related to the service bill of Rs. 11,030/-.
2. **Correct Assessment**: The correct approach would be to rectify the mistake in the TDS return. Since the assessable value was mistakenly reported twice, leading to incorrect TDS deduction, you should prepare to submit a revised return to rectify this error.
3. **Prepare a Revised TDS Return**: In Tally.ERP9, you can prepare a revised TDS return (Form 26Q) for the relevant quarter (Q1 2010). Ensure the revised return reflects the correct assessable value and the corresponding TDS deducted (Rs. 420/- on 07/05/2010 and Rs. 661/- on 07/06/2010).
4. **Reply to the Notice**: Draft a response to the notice explaining the error and detailing the steps you have taken to rectify it. Include:
- Explanation of the mistake made in reporting the assessable value twice.
- Mention that a revised TDS return has been prepared and filed to correct the error.
- Provide details of the original return filed and the revised return filed subsequently.
5. **Submit the Revised Return**: File the revised TDS return using Tally.ERP9 or through the income tax department’s online portal, depending on the procedures applicable at the time.
6. **Document Everything**: Keep copies of all correspondence, the notice received, your response, and proof of filing the revised return for future reference.
7. **Seek Professional Advice if Needed**: If you are unsure about how to proceed or need assistance in preparing the revised return and drafting the response to the notice, consider consulting a tax professional or chartered accountant who can provide guidance specific to your situation.
By following these steps, you can effectively address the notice from the Income Tax Department regarding the incorrect TDS deduction and ensure compliance with tax regulations.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Can we claim ITC in 28%
- Regarding E-invoice Generation
- Forgot to update debit note in gst
- Can we issue an invoice today
- SALE OF GOODS FROM OTHER STATE
- Expenses add back in profit
- Foreign commission liable for rcm
- Accounting Policies changes
- Can we claim RCM ITC paid on Gst audit of earlier years,
- GST APPLICATION
- CERTIFIED TRUE COPY OF PARTNERSHIP DEED
- PARTNERSHIP FIRM REGISTARTION
- TDS on Immovable property to an NRI
- Revenue stamp for individual to Individual
- Regarding updated Return After Submission of Income Tax Audit Report
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
