Tds on interest on loan

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vin1975

vin1975 (Querist)
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24 January 2012 Sir,

I have Pvt.Ltd Company and my vendor ( another pvt.Ltd Company) deducted TDS on Interest on Loan @ 20% ,which should be @ 10% for the F.Y.2010-11 . I have filed the return for the F.Y.2010-11 by claming TDS @10% on Interest @ but later on I came to konw that vendor deducted TDS on Interest @ 20% . what are the action taken for this,can we claim TDS 2 20% and how

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 January 2012 You can file application for rectification U/s 154.

The Ao has to consider this .

Please also refer Section 155(14). On production of TDS certificate the Ao shall amend / oe pass an order.

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