10 May 2024
For the first time we find that From 16C generated under TRACES is much lower that the Rent paid/Payable and Tax deposited as per Form 26QC.
Form 16C has picked up the rent paid after TDS for the last month and calculated tax @ 5% on that instead of the full years rent and 5% on that ? May be a part of a system change ? Has anyone else faced this ? What can be done as Form 26QC is correct ? Appreciate your help!
Number for example are monthly rent for residential Rs 1 lakh pm. Annual rent Rs 12 Lakhs. TDS deducted and deposited @5% is Rs 60,000. Last months rent paid is Rs 1 lakh less 60,000 TDS ie Rs 40,000. Form 26QC is correct but Form 16C says rent 40,000 TDS paid Rs 2,000.
21 May 2024
Thanks Mr Rambhia as I dont have a TAN and use my PAN TRACES does not allow me to raise a grievance. It is unlikely that I am the only one impacted by this and thus am wondering if any one else has also been impacted. It may be a system upgrade which is causing this ? Any other thoughts on where to complain.
CAclubindia
