Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2011 hi i am venkatesh cwa final student
we took a poultry farm on lease we have to pay 1 lack per month i deducted tds 10% and deposited to it dept for 4 months of 40000/-we paid 3 lacks to party and i prepared a cheque 60000/- (but he no received)
but he had taken letter from it dept on 29-7-2011 that deduct of 2% only the party asked you can deduct 8000/-only (2000*4 months)
you can pay 92000/-
but in certificate shows payments or credit by whatever name called whichever is earlier from 29-7-2011 to 31-3-2012
please help me
what i do

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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18 August 2011 Verify the date mentioned in the lower tax deduction certificate issued u/s 197 and only form the effective you you should do the deduction at lower rate or if it is for the financial year 2011-12 then for the whole year.

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