Consequences of deduction of tds under wrong section
This query is : Resolved
Alok Kumar
(Querist)
04 September 2013
Mr.A (deductor) has deducted tax u/s 194C @2% instead of deducting tax u/s 194J @10%. what are the consequences in terms of penalty, interest payable (if any). Further would he be able to claimed the deduction of said expenditure in his profit&loss A/c??
Kindly reply.......
Kindly reply.......
CMA Ramesh Krishnan
(Expert)
05 September 2013
this is short deduction. if you can pay the difference amount then you can claim the expenses, otherwise no
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