Hi everyone,
I need some help with an issue related to Form 26QC and TDS payment on rent. Initially, I entered the rent amount incorrectly, which resulted in a lower TDS being paid. I submitted a correction to update the rent amount, and now the corrected rent amount is showing, but the TDS amount is still the old, incorrect one.
My questions are:
1. How do I pay the remaining TDS amount that is due? Is there a specific challan or process for this additional payment?
2. How can I update Form 16C to reflect the correct TDS amount after making this additional payment? Are there any steps or documentation I need to follow to ensure Form 16C is accurate?
3. Are there any penalties or compliance issues I need to be aware of due to this correction and additional payment? What can I do to avoid or mitigate any penalties?
Any guidance or advice on this would be greatly appreciated!
Thanks in advance!
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Correcting TDS Payment Discrepancy in Form 26QC and Updating Form 16C
Replies (4)
Quick Summary
Ammend the return file a revised return
Tds at 5% calculation will be on total rent and it is automated.
Check total rent column and correct it to full year rent and you have to enter % of rent as 5%
Check total rent column and correct it to full year rent and you have to enter % of rent as 5%
Initially, the total rent amount was ₹90,000, so 5% TDS should have been calculated on this amount. However, I mistakenly entered ₹80,000 instead of ₹90,000, resulting in a difference of ₹10,000. Consequently, I paid 5% TDS on ₹80,000, which is ₹4,000.
When I submitted a correction request, I updated the rent amount to ₹90,000, which requires a 5% TDS of ₹4,500. Therefore, there is a remaining TDS amount of ₹500 that needs to be paid (₹4,500 - ₹4,000).
The person paying the rent does not have a TAN, as they are a resident individual paying rent exceeding ₹50,000, which requires 5% TDS. Could someone please guide me on the process to pay the additional ₹500 TDS and correctly file it in Form 26QC and Form 16C?
When I submitted a correction request, I updated the rent amount to ₹90,000, which requires a 5% TDS of ₹4,500. Therefore, there is a remaining TDS amount of ₹500 that needs to be paid (₹4,500 - ₹4,000).
The person paying the rent does not have a TAN, as they are a resident individual paying rent exceeding ₹50,000, which requires 5% TDS. Could someone please guide me on the process to pay the additional ₹500 TDS and correctly file it in Form 26QC and Form 16C?
Dear Abdul Wasi Sir,
please connect with me on raj @ rcdco.in , will help you out on this
please connect with me on raj @ rcdco.in , will help you out on this
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