Wrong deduction of tds

This query is : Resolved

Mugdha (Querist)
Follow

09 December 2011 Dear Experts,

I have wrongly deducted TDS one of the party under profession which is actually related to contractor. We have filed tds return of 2nd quarter of current year . what should i do i have already filed the 2nd quarter tds . party is saying they want tds under contractor for remaining pending bills for which i deducting tds @10% on advance payment . please help me

anurag

anurag (Expert)
Follow

09 December 2011 u can file the revised return for making adjustments in form 26Q.

Guest

Guest (Expert)

09 December 2011 In my opinion revised return is not possible. Since At the time of deduction of TDS you must have mentioned in challan 'TDS UNDER SECTION 194J'. While you should have deducted @ 1% or 2% under section 194C. So, according to me revised TDS return for second quarter will not serve the purpose since section can not be modified as mentioned in TDS challan.

What best now can be done is for pending bill / balance amount deduct TDS under section 194 C @ 1 or 2% whatsoever applicable.

I hope i am bale to bring some clarity on the matter.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vishal Kapadiya

Prashant Kotecha

Rajesh

Akash Sawant

JACOB ABRAHAM KURIALANICKAL

Subscribe Now

Wrong deduction of tds

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Manager- Finance and Compliance

GST CONSULTANT

Senior Executive

Accountant