kiran (service) (51 Points)
23 November 2011TDS was deducted in FY 10-11 @ 10% for rent of property. (even though amount paid did not exceed Rs. 1,80,000/-)
PAN of the party was not available at that time.
Is the deductor liable to pay balance 10% tds (i.e. shortfall) by non compliance of section 206AA ?
As per my view, he is not liable, since the TDS was deducted even though it was not deductible; (the agreegate amount paid to the party did not exceed Rs. 1,80,000/- in an year)
S.ASWATH
(Manager)
(704 Points)
Replied 23 November 2011
Even though this limit not exceed if you deduct for non PAN deductee's should deduct @ 20% rate only if that payment already made leavitt as of now if any query raised by IT dept pay the balance after receiving notice
CAclubindia
