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Tds issue

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 March 2013 Sir/Madam,

i want to know that any liablity arise on company when they deucte tds on rent by mistake 1%. and any solution for it.
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Manish Thakkar

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Manish Thakkar (Expert)
23 March 2013 as it appears from the Question that Wrong rate of withholding tax considered instead of rate mentioned in law for the payment of rent. hence short deduction has been made by the company. the recourse for this is to deduct proper TDS as mentioned u/s 194I. than deposit to govt. in challan no. 281 along with the interest of 1% per month on short deducted amount.
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Querist : Anonymous

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Querist : Anonymous (Querist)
23 March 2013 but sir payment is given to party less 1% tds...so how to to recover.
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
23 March 2013
you have to take that much amount(9%) back from them so as to be in line with law

and then the withhold Tax would be @ 10%
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
23 March 2013 along with 1% you also have to pay interest @1.5% for late payment of TDS
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Manish Thakkar

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Manish Thakkar (Expert)
04 November 2013 Agree with ca.sourabh sethia
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