Deducted TDS at 2% instead of 1% to a vendor.What will be the complications and consequences ??
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Wrong tds deducted
Replies (3)
It's more TDS
No complications and consequences.
Vendor will claim more TDS in his return.
No complications and consequences.
Vendor will claim more TDS in his return.
@ tenzin
issue is very simple .
adjust in the next bill.
issue is very simple .
adjust in the next bill.
@ Tenzin
Adjusting in next bill - simple ?
Though it may look simple to adjust in next bill, but it's a complicated process.
It will give trouble to you in matching bill amount Payment vs TDS , and in TDS return too.
And trouble to vendor also while claiming TDS credit bcoz of bill amount and TDS amount mis- match.
It's okay what you have done.
Tell your vendor to pay advance tax less to the extent of excess TDS deduction.
Adjusting in next bill - simple ?
Though it may look simple to adjust in next bill, but it's a complicated process.
It will give trouble to you in matching bill amount Payment vs TDS , and in TDS return too.
And trouble to vendor also while claiming TDS credit bcoz of bill amount and TDS amount mis- match.
It's okay what you have done.
Tell your vendor to pay advance tax less to the extent of excess TDS deduction.
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