Tds afetr lower tds certificate...

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 April 2012 Dear Sir,

I have applied for lower Tds Certificate in previous year for Rs 500000/- but my income during the year was 506000/- so the deductor was saying that know you have to pay full TDS @10% on whole amount of Rs 506000/- is his contention is right?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 April 2012 In my view, in Form 13, Application for lower Deduction estimates income has to be shown by the applicant but while verifying the particulars furnished verification is made as the particulars furnished are correct.
.
However, looking to the small deviation in the amount, estimated income can be said as correctly stated but looking to the fact that teeth of Department has been sharpen by Finance Bill 2012. it is advisable that either party should not take any risk and
let the amount of TDS be deducted as being
stipulated by the payer.
.
You are going to lose nothing except the interest and the loss can be minimised by filing return as the earliest possible.
.

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