Consequences of shortfall in tax deduction - 24q column 347

Dear sir,

I am hereby attaching Annexure II to Form No.24Q of Q4 for FY 2010-11.

There are two directors in a company each getting salary of
Rs.40,000/- per month.

There is a shortfall in TDS deduction for FY 2010-11 for both the directors.

Can I proceed to file the return showing the shortfall amount. What
would be the further consequences? Kindly advice.

With regards,
Sidhardh


Attached File : 209530 1006183 annexure ii to form 26q q4 fy2010 11.doc downloaded: 198 times
Replies (1)

Even if the return is accepted, you would get a notice for short payment of TDS.  Then, interest implication. 

Further consequence upon receiving the notice - you will have to pay the balance of TDS along with interest and file a revised return.

Also, technically the corresponding proportionate salary was to be disallowed in the hands of the company for AY 11-12.

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