27 June 2020
MY TOTAL TDS WAS RS.864291.5 OF WHICH RS. 812477.5/- FOR 194-I AND RS.51814/- FOR 194-C BUT I DEDUCTED TDS WHOLLY UNDER 194-C AT 2% FOR RS.232380/- (WHICH IS WRONGLY DEDUCTED WHOLLY UNDER 194-C ) ON TAXABLE VALUE RS.11618975/- SO HOW TO RECTIFY IT ? WHAT IS THE RECTIFY JOURNAL ENTRY ?
27 June 2020
You have to give few more details
Is the entire payment to same person?
Is the 194I also comes under 2%?
If yes then
First rectify the Tds paid then
reverse the entry to the extent of 194I
Tds on Contract (Liability) a/c Dr. 812478 -
To Tds on Rent - 812478
The ledger name vary .
27 June 2020
yes,the entire payment given to same person. Total actual tds was RS.864291.5/- OF WHICH RS. 812477.5/- FOR 194-I AND RS.51814/- FOR 194-C but i deducted tds wrongly in 194-c and if we compare actual tds under 194-c it was deducted at higher amount than actual tds so how to solve it ?
CAclubindia
