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TDS

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(Querist)
03 April 2010 In case of TDS if payment is made to the person,we have to deduct tax from that amount if total payment to that person exceeds threshhold limit,otherwise we are liable.But in case payment to the person does not exceed specified limit and then also we have deducted tax,so in that case is there any default? and if yes then what is the penalty?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
03 April 2010 NO PENALTY AS SUCH IS MENTIONED AS PER IT ACT IF YOU HAVE DEDUCTED ANY TDS FROM THE DEDUCTEE WHOSE THRESHOLD LIMIT IS NOT CROSSED.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
04 April 2010 no default & no penalty
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
04 April 2010 Agree
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
05 April 2010 agreed
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