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Urgent tds question

04 June 2012

FRIENDS PLEASE HELP......WHILE DEDUCTING TDS WE DEDUCT WRONG PERCENTAGE FOR E.G TO WHOM RATE WAS APPLICABLE AS 1 % WE DEDUCTED 2 % AND TO WHOM THE RETE WAS APPLICABLE AS 2 % WE DEDUCTED AS 1%. NOW I AM CONFUSED HOW TO FILE 4TH QUARTER TDS RETURN.ALL DEDUCTION WAS RELATED TO 4 TH QUARTER.NOW DONT KNOW WHAT TO DO.

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kckinn (CA) (759 Points)
Replied 04 June 2012

You have two options:

1.In cases where you have made lower deductions, change entries in the books of account making deductions at the appropriate rates and remit the additional amount to the Government along with Interest aplicable.

2. The other option is to change entries in the books to deduct TDS at appropriate rates for both cases where you have made deduction at higher rates and at lower rates. After you do this, you may find that either you have remitted excess TDS to Government A/c or remitted a lesser amount to the Governement A/c. If you have paid a lesser amount, remit the same to te Governement A/c along with Interest.

This is as per my knowledge. But do wait for opinion from someone who has more indepth knowledge.