TDS default and Rate of TDS

One private limited company failed to deduct TDS on payments made to one of the broker on his commission payments during the current financial year since May 2009 onwards. The commission paid is more than Rs.50,000/-. That company deducted TDS from other brokers and deposited TDS and also filed TDS Returns for the last 3 quarters.

Can we show now that TDS was deducted in each month of payment and pay it now with interest. Can we now revise TDS returns for the last quarters? What will be the implication of above lapse?

Further that broker is saying that he has marketing contract with the company, hence TDS rate will be 2% as applicable to a Contractor, while in my opinion it should be 10%. Please clarify.

Replies (2)

You have to pay TDS with interest and revise all three returns. TDS to bededucted @ 10% u/s194H

Thanks for your reply.

Is there any time limit for revising TDS Returns for the Q1, Q2 and Q3.

Other than interest @ 1% pm, is there any penalty for late payment of TDS?

Is Surcharge and Education Cess to be added to the basic TDS rate of 10% u/s-194H?

Need above clarifications. Thanks

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