tax query section 194 I AND SEC 194 H
This query is : Resolved
06 December 2008
Dear sir my query is as follows:
One of our party taken lower taxtation of rent under section 1941 which cover our name too. We at head office was unaware of agreement between us and party. on reading the same we find that we had a agreement of agency not rent with the same. MY query is
We booked the entry as rent and deduct the tds @ lower rate 1.13% from 1.8.2008 to till oct 08. now in the month of novemeer we from november 08 booked the same under the head commission as per agreement and deduct the tds @ 10.3%. MY question is what we have to do with the earlier payment we made with lower taxtation and under the head rent. and how we can provide the tds certificate .
One of our party taken lower taxtation of rent under section 1941 which cover our name too. We at head office was unaware of agreement between us and party. on reading the same we find that we had a agreement of agency not rent with the same. MY query is
We booked the entry as rent and deduct the tds @ lower rate 1.13% from 1.8.2008 to till oct 08. now in the month of novemeer we from november 08 booked the same under the head commission as per agreement and deduct the tds @ 10.3%. MY question is what we have to do with the earlier payment we made with lower taxtation and under the head rent. and how we can provide the tds certificate .
06 December 2008
My opinion is As under -
You have to deduct tds now for short deduction i.e. 9.17% and issue a certificate, reason being short deduction of tax amounts to offence and which results in penalty & imprisonment.
Lets wait for others response.................
You have to deduct tds now for short deduction i.e. 9.17% and issue a certificate, reason being short deduction of tax amounts to offence and which results in penalty & imprisonment.
Lets wait for others response.................
06 December 2008
Deduct the balalnce amount of TDS now and pay it along with interest.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- Building tax payment deduction in rental Income
- Booth for sales promotion
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
