Short deduction of tds on account of surcharge
This query is : Resolved
03 February 2018
Dear Sir / Madam,
During January 2018, I had filed TDS Return for Q3 of My Client for Purchase of Immovable Property. Seller was Non-resident, so I filed return u/s 195. While making payment of Rs.75 Lacs, I asked him to deduct TDS at 1% as per Certificate u/s 197 received by him from seller. I had no knowledge of Surcharge @ 10% to be deducted on payment made exceeding Rs.50 Lacs. TDS return processed with default due to Short deduction of Surcharge. Now, We paid the short deduction amount. But while filing Rectified return, how do i show this challan amount paid in return? because the entry in which Rs.75 Lacs mentioned cannot be altered with two challans.
Please give your Expert Advise.
Thank You.
During January 2018, I had filed TDS Return for Q3 of My Client for Purchase of Immovable Property. Seller was Non-resident, so I filed return u/s 195. While making payment of Rs.75 Lacs, I asked him to deduct TDS at 1% as per Certificate u/s 197 received by him from seller. I had no knowledge of Surcharge @ 10% to be deducted on payment made exceeding Rs.50 Lacs. TDS return processed with default due to Short deduction of Surcharge. Now, We paid the short deduction amount. But while filing Rectified return, how do i show this challan amount paid in return? because the entry in which Rs.75 Lacs mentioned cannot be altered with two challans.
Please give your Expert Advise.
Thank You.
03 February 2018
In case of NRI full capital gains tax has to be deducted as TDS not 1%.
03 February 2018
Respected Sir,
The Seller (NRI) got Certificate u/s 197 from his AO to deduct TDS at Lower Rate ie 1% and gave copy to Purchaser (Deducter) to deduct TDS as per Certificate. Hence, Purchaser deducted TDS at 1%. But due to no knowledge of Surcharge Limit, we didn't deducted surcharge.
04 February 2018
Then it's okay. Include the additional challan while rectifying TDS return it will be allowed.
07 February 2018
Thank You CA R Seetharaman Sir
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