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!
Menu
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
Recent Topics :
- Query on FLAIR return
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
Related Topics :
CAclubindia
