TDS Revised rate related

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CA Student
338 Points Posted on 13 June 2020
The Govt reduce the TDS rate by 25% wef 14/05/2020. But what if any deductor is continuing deducting TDS at old rate by mistake or intentionally? Is there any penalty for this act?
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On 13 June 2020 at 13:50 Report
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Quick Summary
The government reduced TDS rates by 25% effective 14th May 2020. This discussion clarifies what happens if a deductor mistakenly or intentionally continues to deduct TDS at the old, higher rate. Fortunately, there is no penalty if you have deducted TDS at the old rate and deposited the correct amount to the government.

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Student
1628 Points Posted on 14 June 2020
If any deductor deduct TDS at existing rate by mistake or intentionally then there are no penalty...
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On 14 June 2020 at 08:28
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Tax and Business Consultant
11616 Points Posted on 28 July 2020
There is no penalty, if you deducted at old rate, i.e higher rate and deposited it to the government.
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On 28 July 2020 at 06:45

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