Tds on renting of plant & machinery

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2016 TDS on renting of plant & machinery (194 I) was deducted @ 2% but while filing the TDS return it was wrongly shown in return as 194 C.The TDS rates are same 2% but what is the consequence?

Amol S Joglekar

Amol S Joglekar (Expert)

01 September 2016 ask to revise the TDS return

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2016 The client is asking what would be the consequence since the rate is the same.if the return is not revised?

Amol S Joglekar

Amol S Joglekar (Expert)

01 September 2016 The character of income is different.......hence revise the same....
Profitability of Contract (194C) is different than profitability of renting machinery (194 I)
And one more thing is it is always good to accept the mistake GRACEFULLY......by revising the return you are doing so...

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2016 Agree with you wholly Sir....But the client is a just bit stubborn....hence just wanted to know the possible consequences as a persuasion measure.....

Amol S Joglekar

Amol S Joglekar (Expert)

01 September 2016 you can tell him that FALSE return filing may attract penalty..which could be much much more than the expenses of REVISING the TDS return

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