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TDS u/s 194 A

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 October 2010 Our client has crossed the limit of 40 lakhs for the first time in F.Y.2009-10. The TDS deducted u/s194A was @7% instead of 10%. So, if we mention this in Form 3CD then what will be the consequences?
Can we deposit the difference amt with interest after the Audit Report date?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 October 2010 If the client is an individual, as per proviso to section 194A, he is not required to deduct income tax in FY 2009-10. If other than individual short deduction has to be mentioned in 3CD. Consequence is penalty provisions of section 271C will apply.
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