Tds at wrong rate
This query is : Resolved
ashish alexander
(Querist)
18 March 2014
Mr X was done TDS @ 1% as 194C instead of 194J. Can he claim deduction on net tax payable?
18 March 2014
TDS deducted by customers can be claimed as deduction irrespective of the section under which such TDS has been deducted.
ashish alexander
(Querist)
18 March 2014
sir thank you for the reply but can you tell me whether some act or case law specify the same?
18 March 2014
The Income Tax Act provides that TDS deducted shall be reduced from the tax liability.
It does not specify the section under which TDS has been deducted.
It does not specify the section under which TDS has been deducted.
ashish alexander
(Querist)
18 March 2014
thank you sir
however can we change the nature of our income from professional to contractual simply because the TDS is done at wrong rate
however can we change the nature of our income from professional to contractual simply because the TDS is done at wrong rate
18 March 2014
1. Do NOT change the nature of income. Declare actual nature of service.
2. Claim TDS as deduction from tax liability.
3. Use the thank button to convey your thanks.
2. Claim TDS as deduction from tax liability.
3. Use the thank button to convey your thanks.
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