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TDS incorrect
What are the consequences (other than interest and late fees ) of TDS deducted under Sec 194C at 1% but actually was required to be deducted at 194J at 10%.
Replies (8)
Quick Summary
If wrong deduction then it's resolving like this (without any consequences)
--> Inform to deductee for wrong deduction and deduct actual amount.
--> TRACES - Go with correction in the details and actual amount...
(updation may be take one day)
Sir.
Any consequences like disallowance in computation or any reporting in tax audit ?
Yes , necessity of such reporting
@ Mr CA Raj Doshi,
It is disallowed in computation...
But, It must be clear before Tax Audit...
Otherwise it will disallowed with actual expenditure, TDS payment, Required payment and Interest with penalty...
It is disallowed in computation...
But, It must be clear before Tax Audit...
Otherwise it will disallowed with actual expenditure, TDS payment, Required payment and Interest with penalty...
Dear Sir
Under which section will the disallowance trigger in such cases of short deduction ?
No Sir,
The TDS deduction can't be disallow in any manner
It must be clear before filling of ITR (Before filling of return All statuotary dues will be close)...
In case it's wrong then its need to correction.
If can't rectify then finally it can be sec 40(A)(ia) generally forced.
Reverse the entry. rectify the return
deduct fresh tds and issue certificate.
deduct fresh tds and issue certificate.
| Originally posted by : sabyasachi mukherjee | ||
 |
Reverse the entry. rectify the return deduct fresh tds and issue certificate. |  |
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