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Lower deduction of tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 April 2012 I have deducted 1% TDS instead of 2% u/s 194C for company deductee for which income tax department served a notice for short deduction for Example Amount Credited Rs.100 tds is to be deducted Rs.2 but deducted Rs.1, please suggest what should be the next step.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 April 2012
Try to satisfy the ITO that the mistake was unintentional. Also obtain a certificate of the CA of the Company, certifying that the company has filed its return and duly paid the tax on its income.
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The amended provisions of Section 40(1) (ia) and Section 201(1A) are yet to be enacted but the intention of legislature emerges out clearly.
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CA PRAVEEN SINGH

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CA PRAVEEN SINGH (Expert)
26 April 2012 Agree with above. i think tds should be deposited with interest.
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