Tds deducted incorrectly at 1% instead of 10% under sec 194j

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2014 Hello,

I needed to know if TDS for services rendered were incorrectly deducted at 1% under Sec 194J instead of 10% and deposited with TDS dept. This came to light at time of filing TDS return in Oct 2014. Please provide corrective measure on how to proceed on this case.

Thanks in Advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 October 2014 Deduct the balance 9% and remit it with interest and revise TDS return.

@VaibhavJ

@VaibhavJ (Expert)
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12 October 2014 Agree with expert..

You need to deduct balance amount & pay along with interest, also you will be required to revise e-tds return.

Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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12 October 2014 Pay the remaining 9% TDS along with interest on short deduction of TDS @ 1% per month. If return of the said period already filled then the return will have to revised.

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2014 Thanks. Tds return is yet to be filed so can I pay the balance tds of 9% and then file tds return. Since I stl have few days to file return.

CA Jitin Khandelwal

CA Jitin Khandelwal (Expert)
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12 October 2014 You are supposed to take remaining 9% from the party to whom you have made payment and then deposit the same on your TAN. Besides this you have to deposit 1 % interest on TDS amount due to late deduction of TDS and this amount willbe paid by you from your own payment. After this you can file original tds return.

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@VaibhavJ

@VaibhavJ (Expert)
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13 October 2014 Yes you can include that chalan in E-TDS return if you have not filed it yet.

Thanks

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 October 2014 File TDS return after including challan for payment of balance TDS and interest on short deduction.

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