TDS deducted but wrongly credited to another head
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 December 2010
What would be the implications (Accounting and taxation) in case TDS has been deducted correctly but wrongly credited to another accounting head. Suppose TDS on Rent on Plant & Machinery(194I) has been deducted but wrongly credited as TDS on Contractors(194C) in the books of accounts. While the rate of TDS on both the categories is the same.
CMA Ramesh Krishnan
(Expert)
31 December 2010
Not much implications. If the payment made in correct head .you can make correction entry and also TDS return can be filed correctly
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