Short deduction of tds for ay 12-13 cosequences?
This query is : Resolved
20 February 2014
My client deduct TDS at lesser rate than mention u/s 194 C- for partnership firm TDS rate is @ 2% as against they deduct @ 1% now traces show me demand of 1% of TDS which is short deduction. Is my client require to pay short deduction? provided my clients's Contractor claim in their return of income tds credit of only 1%. if suppose I paid the 1% of TDS which is demanded by traces /AO is my clients contractor getting credit for that after revising return(so that I can recover the amount from Contractor)? What deduction shall my client get u/s 40(a)(i).
please reply?
please reply?
24 February 2014
1 yes you are required to pay the short deductions.
2. yes the contractor will be able to claim deduction of this additional 1% also. Your client can recover the same from the contractor
3. the deduction is for the amount paid to the contractor.
2. yes the contractor will be able to claim deduction of this additional 1% also. Your client can recover the same from the contractor
3. the deduction is for the amount paid to the contractor.
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18 July 2014
if suppose date of revised return of contractor is time barred, then in that case what is remedy to contractor?
18 July 2014
then you can file application under section 119(2) for claiming remaining credit of taxes.
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