Certificate u/s 197(1) for lower deduction of tds
This query is : Resolved
ANIMESH PANDEY
(Querist)
22 June 2018
Dear Sir ,
We are given by a contrctor of our's a certificate u/s 197(1) duly certified by the ITO for lower deduction of TDS . To deduct TDS @ .75% upto Rs.12000000 instead 2% .
Now my question is what are the formalities on our part in this case . Would we be questioned in future for lower deduction of TDS or would we face problem in filing our TDS return??
We are given by a contrctor of our's a certificate u/s 197(1) duly certified by the ITO for lower deduction of TDS . To deduct TDS @ .75% upto Rs.12000000 instead 2% .
Now my question is what are the formalities on our part in this case . Would we be questioned in future for lower deduction of TDS or would we face problem in filing our TDS return??
CA R SEETHARAMAN
(Expert)
22 June 2018
You will not face any problem in future for lower deduction as lower deduction is approved by ITO. You have to file TDS return by selecting the option of lower deduction by furnishing approval No. In TDS return.
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