Short deduction notice of tds (very urgent)
This query is : Resolved
04 February 2014
We have recieved certificate u/s 197 for lower deduction of tax @ .72% for the limit of 2.72 crore from one of our supplier.
However, mistakenly paid 4 crore without deducting tax @2% for balance amount i.e (4-2.72 crores), we have deducted TDS @.72% only.
Now, we have recieved Notice from TDS Department wherein they have raised the Demand for not deducting the TDS @ 2% for the balance 1.28cr.The supplier has already filed his Income tax returns. So, it means that they have already paid the INCOME TAX, for the particular year. Now, what is the meaning of asking TDS liablity by Department from us?..
Please repl,...
However, mistakenly paid 4 crore without deducting tax @2% for balance amount i.e (4-2.72 crores), we have deducted TDS @.72% only.
Now, we have recieved Notice from TDS Department wherein they have raised the Demand for not deducting the TDS @ 2% for the balance 1.28cr.The supplier has already filed his Income tax returns. So, it means that they have already paid the INCOME TAX, for the particular year. Now, what is the meaning of asking TDS liablity by Department from us?..
Please repl,...
06 February 2014
Submit Certificate in Form No.26A to the Department.
As per 201 of the IT Act, 1961, any person, including the principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of Chapter XVII (TDS Provisions) on the sum paid to a resident or on the sum credited to the account of a resident shall not be deemed to be an assessee in default in respect of such tax if such resident-
(i) has furnished his return of income under section 139;
(ii) has taken into account such sum for computing income in such return of income; and
(iii) has paid the tax due on the income declared by him in such return of income,
and the person furnishes a certificate to this effect from an accountant in Form No. 26A(Rule 31ACB).
As per 201 of the IT Act, 1961, any person, including the principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of Chapter XVII (TDS Provisions) on the sum paid to a resident or on the sum credited to the account of a resident shall not be deemed to be an assessee in default in respect of such tax if such resident-
(i) has furnished his return of income under section 139;
(ii) has taken into account such sum for computing income in such return of income; and
(iii) has paid the tax due on the income declared by him in such return of income,
and the person furnishes a certificate to this effect from an accountant in Form No. 26A(Rule 31ACB).
Message likes :
1 times
14 November 2014
Thank You very much sir. With your guidance, we were able to resove query.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
