23 May 2012
A LISTED COMPANY FIND OUT IN F.Y.2012-13, THAT THERE WAS A CASE OF LESS DEDUCTION OF TDS IN F.Y.2008-09(eg. 1% deducted in place of 2% by mistake in past).
WHAT IS THE LEGAL PROVISION RELATING AND WHAT SHOULD COMPANY DO NOW?
25 May 2012
The company should obtain the copy of the return of the payee from whom TDS had to be deducted, along with a certificate stating that the income has been duly reflected in its return of income. Since TDS is a mode of recovery, the company is not liable for any further deduction. However, the company has to pay the interest from the due date of deduction to the amount actually deposited by the payee. Please refer the honourable apex court judgement in the case of Hindustan Cocacola Beverage.
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