TDS DEDUCTED 1% INSTED OF 20%
This query is : Resolved
Quick Summary
15 November 2023
WE HAVE DEDUCT THE TDS 1% FOR INDIVIDUALS, PAN CARD IS VALID BUT INOPERATIVE, SO THAT INCOME TAX DEPARTMENT RAISED DEFAULT NOTICE. NOW HOW TO PAY THE DIFFRENCE AMOUNT IN SARAL TDS SOFTWARE (OR) TRACES WEBSITE. HOW TO FILE CORRECTION STATEMENT THROUGH ONLINE MODE OR OFFLINE MODE. WHAT IS THE PROCEDURE, KINDLY EXPLAIN ANYONE REGARD THIS MATTER MOST URGENTS.
16 November 2023
Ask such individual to make his PAN operative and than file correction return.
16 November 2023
WE RECEIVE THE DEFAULT LETTER FROM INCOME TAX DEPARTMENTS, THEY MENTION PENALTY AND INTEREST. HOW TO MAKE THE DIFFRENCE AMOUNT THROUGH TRACES WEBSITE OR SARAL TDS
17 November 2023
Pay on https://eportal.incometax.gov.in/iec/foservices/#/e-pay-tax-prelogin/user-details
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17 November 2023
THANKS FOR VALUALE REPLAY, WHICH SECTION I HAVE SELECT HOW MUCH AMOUNT WE PAY, INCOME TAX DEPART NOTICE SHOWING ON SHORT DEDUCTION RS. 26,918/- AND INTEREST ON SHORT DEDUCTION RS. 671/- TOTAL RS. 27,590/- ( NOTE : PAN IS VALID BUT INOPERATIVE ) ALREADY WE DEDUCT 1% NOW BALANCE 19% TO BE PAID. THIS AMOUNT ONLY PAYABLE. KINDLY GUIDE STEP BY STEP SIR.
17 November 2023
Use code 400 and the same TDS section code for which the default appeared. In the interest field, enter 671.
22 November 2023
WE HAVE PAID THE DEFAULT AMOUNT THROUGH ITD CHALLAN CODE 400, AFTER THAT WE RECEIVE THE CHALLAN. NOW HOW TO FILE THE CORRECTION STATEMENT IN TRACES WEBSITE, KINDLY EXPLAIN STEP BY STEP
23 November 2023
File TDS correction statement. There are three steps:
1. Edit existing TDS entries of that inoperative PAN. Change 'Amount paid' to 'TDS' / 20%, so it reflects that 20% tax has been deducted.
2. Add shortfall paid TDS challan.
3. Add deductees under the above TDS challan - Enter 'Amount paid' as 'Amount paid' shown in the original return less 'Amount paid' from step 1.
That's how we have done.
1. Edit existing TDS entries of that inoperative PAN. Change 'Amount paid' to 'TDS' / 20%, so it reflects that 20% tax has been deducted.
2. Add shortfall paid TDS challan.
3. Add deductees under the above TDS challan - Enter 'Amount paid' as 'Amount paid' shown in the original return less 'Amount paid' from step 1.
That's how we have done.
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