TDS u/s 194 A
This query is : Resolved
Querist : Anonymous
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?
Can we deposit the difference amt with interest after the Audit Report date?
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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