Tds
This query is : Resolved
Yajuvendra Rawat
(Querist)
27 August 2012
Dear Sirs & Friends,
In our company we deduct TDS @ 2%, then the party may be an Individual or Company 2% rate is fixed for all. This year however there were some defaults found in TDS deduction there were some short deductions made by us under Non Company category, My question is when we are already deducting TDS at a higher rate i.e. 2% instead of 1% how will we be in default when already excess TDS has been deducted. Where TDS deduction should be 10,000/- we have deducted 20,000/- as per the higher rate then how can we come in default. If at all there is any default the same will be adjusted against higher rate.Please clarify if i am wrong.
Best Regards,
Yajuvendra Rawat
In our company we deduct TDS @ 2%, then the party may be an Individual or Company 2% rate is fixed for all. This year however there were some defaults found in TDS deduction there were some short deductions made by us under Non Company category, My question is when we are already deducting TDS at a higher rate i.e. 2% instead of 1% how will we be in default when already excess TDS has been deducted. Where TDS deduction should be 10,000/- we have deducted 20,000/- as per the higher rate then how can we come in default. If at all there is any default the same will be adjusted against higher rate.Please clarify if i am wrong.
Best Regards,
Yajuvendra Rawat
28 August 2012
The default may be on account of lower deduction where the PAN was not provided or PAN was not correct.
In such case, TDS is required to be deducted @ 20%.
In such case, TDS is required to be deducted @ 20%.
MOHD AFROZ
(Expert)
29 August 2012
Siddharth Bhardwaj is saying right.............I also agree with this.
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