Tds short deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 March 2014
Dear all members
could you please provide information regarding TDS short deduction with briefly.
could you please provide information regarding TDS short deduction with briefly.
22 March 2014
in short. TDS deduction refers to situation wherein deductor has deducted taxes at rates less than the rates prescribed under the Act.
for eg, if under 194C for payments to companies, you deduct at 1% instead of 2%, it would result in short deduction.
once the return is processed, department issues notice for two things in such cases:
1. short deduction
2. interest on short deduction
you are required to pay the both and file revised TDS return
It is also to be ensured that the short deduction amount is recovered from the deductee.
for eg, if under 194C for payments to companies, you deduct at 1% instead of 2%, it would result in short deduction.
once the return is processed, department issues notice for two things in such cases:
1. short deduction
2. interest on short deduction
you are required to pay the both and file revised TDS return
It is also to be ensured that the short deduction amount is recovered from the deductee.
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