TDS

This query is : Resolved

JUNED BAAGWALA (Querist)
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27 June 2020 MY TOTAL TDS WAS RS.864291.5 OF WHICH RS. 812477.5/- FOR 194-I AND RS.51814/- FOR 194-C BUT I DEDUCTED TDS WHOLLY UNDER 194-C AT 2% FOR RS.232380/- (WHICH IS WRONGLY DEDUCTED WHOLLY UNDER 194-C ) ON TAXABLE VALUE RS.11618975/- SO HOW TO RECTIFY IT ?
WHAT IS THE RECTIFY JOURNAL ENTRY ?

Eswar Reddy S

Eswar Reddy S (Expert)
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27 June 2020 You have to give few more details Is the entire payment to same person? Is the 194I also comes under 2%? If yes then First rectify the Tds paid then reverse the entry to the extent of 194I Tds on Contract (Liability) a/c Dr. 812478 - To Tds on Rent - 812478 The ledger name vary .

JUNED BAAGWALA

JUNED BAAGWALA (Querist)
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27 June 2020 yes,the entire payment given to same person.
Total actual tds was RS.864291.5/- OF WHICH RS. 812477.5/- FOR 194-I AND RS.51814/- FOR 194-C
but i deducted tds wrongly in 194-c and if we compare actual tds under 194-c it was deducted at higher
amount than actual tds so how to solve it ?

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