Under/Over Recovery of Tds
This query is : Resolved
11 June 2010
Dear Friends
please clarify my doubt. ours is MNC and i am working as an accountant. In one case while recovering the Tds @ 2%-for corporarte assesee we have deducted @ 1% what is the impact and solution for that.
Secondly while recovering the Tds from individuals @ 1% we have deducted tds @ 2% for FY 2009-10. is we have to pay any penalty for less recover ? what is its impact. please clarify my doubts.
please clarify my doubt. ours is MNC and i am working as an accountant. In one case while recovering the Tds @ 2%-for corporarte assesee we have deducted @ 1% what is the impact and solution for that.
Secondly while recovering the Tds from individuals @ 1% we have deducted tds @ 2% for FY 2009-10. is we have to pay any penalty for less recover ? what is its impact. please clarify my doubts.
11 June 2010
Dear Bhaskar,
In case of over recovery there is no problem. If you have deposited the excess amount so deducted. Then you can provide the TDS certificate to the deductee and he will get claim. But in case you have short deducted TDS then deposited such shortfall amount as soon as possible otherwise your proportionate exp on which TDS is not deducted stand to be disallowed.
Regards
In case of over recovery there is no problem. If you have deposited the excess amount so deducted. Then you can provide the TDS certificate to the deductee and he will get claim. But in case you have short deducted TDS then deposited such shortfall amount as soon as possible otherwise your proportionate exp on which TDS is not deducted stand to be disallowed.
Regards
11 June 2010
Dear Bhaskar
Your proporionate exp will be disallowed in f.y.2009-10. but if you depositing TDS in F.y. 10-11 then your expenses will be allowed for this year.
Regards
Pragnesh
Your proporionate exp will be disallowed in f.y.2009-10. but if you depositing TDS in F.y. 10-11 then your expenses will be allowed for this year.
Regards
Pragnesh
12 June 2010
Thank you Mr. Sanjay Gupta and Mr. Pragnesh.
for your valuable replies.
still I have one more doubt in one case while calculating TDs I have ignored surcharge by mistake ( 10% surcharge is required to be added to the rate if the payment exceeds Rs. 10 lac. is it a serious problem if I forgot to deduct surcharge ?
for your valuable replies.
still I have one more doubt in one case while calculating TDs I have ignored surcharge by mistake ( 10% surcharge is required to be added to the rate if the payment exceeds Rs. 10 lac. is it a serious problem if I forgot to deduct surcharge ?
12 June 2010
Usually these things escape as per my experience. So it wont pose i serious problem.
14 June 2010
Avoid it. From 1st Oct. 2009 surcharge and educ. cess is not applicable on any of resident payment. Don't take this matter very seriously.
15 June 2010
Thanks a lot Mr. Sanjay and Mr. pragnesh for your valuable suggestions. Have a nice day.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
