Deduction and payment u/s 194Q

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PARDEEP KAPIL (Querist)
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09 August 2024 Dear Sirs : One of my client is deducting 0.1 % TDS u/s 194 Q from eligible purchasers on the date of making payment to purchaser. The terms of payments are 120 days from date of purchase bill. However while filing TDS quarterly returns, only amounts are shown. The only impact will be non deduction of TDS for purchases outstanding as on 31st March whose payments have been made after 1st April. Till date no adverse notice has been received from TDS / INCOME TAX DEPARTMENT. My humble query is (1) Is this method of deducting TDS is correct (2) What will be the future implications (3) How to rectify his error (4) Can TDS Returns for financial year 21-22, 22-23, 23-24 be revised for above purpose. Please advise. Kind Regards

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 August 2024 1. Not correct, specifically for mercantile accounting system.
2. under scrutiny, tax officer can penalize for the undisclosed transaction/s.
3. No need to rectify now.
4. Better not to revise old records but regularize from now.

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