Deepali (CA Final Student) (105 Points)
12 February 2015If TDS on Rent ( for Machinery @ 2%) is deducted in the Books of Accounts under the head TDS on Contractor (which is also 2%), then can it be considered as correct.
Since the Correct amount of TDS is being deducted, there is no issue.
But what implications / problems can arise, if any, under Statute or while filing returns etc...
ALso please let me know, how the same can be rectified.
monika ahuja
(Student CA Final )
(85 Points)
Replied 12 February 2015
There will be problem in giving certificate.So better to change section by using online facility of traces.
Puneet Mittal
(Sr. Officer Accounts)
(210 Points)
Replied 12 February 2015
Firstly you have to file an application for correction in challan if you had deposit the challan under section 194C.
Than you can revised your return.
But you had not deduct short TDS. So as per my views it is not nesessary.
A.Senthil Subramanian
(Tax Consultant)
(1658 Points)
Replied 14 February 2015
As the section is very peculiar (4IA Rent on Machinery) in ETDS preparing utility it should be showed as it is in th books pf accounts as well as ETDS returns. Though the challan for TDS remitted in 94C, when preparing the ETDS return it should be correctly mentioned the section as 4IA. If it is shown as 94C then form16A will be available with that section only.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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