Hello Members,
My query is pertaining to updation of gross amount in TDS return. IN FY 2011-12, my client deducted a TDS of Rs 1,000 u/s 194C on payment made to vendor @ 1%, hence gross amount paid was Rs 100,000. We filed the tds return on time and demand for Rs 1000 + interest was raised by the department as TDS was to be deducted @ 2%. The demand is still outstanding.
My question is can I update the gross amount paid to Rs 50,000 in revised TDS return. This is because the vendor whose TDS was deducted has already paid the income tax on the amount on which we did not deducted TDS. ANd if we pay the demand, it will lead to double taxation. Can we update the gross amount in revised TDS return ???
Thanks in advance for your replies.
CAclubindia
