TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2011 what will be results of over or under deduction of TDS means the % used other than the prescribed in IT Act 1961

Timsy Dua

Timsy Dua (Expert)
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01 June 2011 You will get the refund if the TDS is in excess but you have to file the IT Return in time mentioning the full amount of tax deducted.
If the tax is less deducted then you will have to pay the balance tax payable.

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2011 Dear sir assume that the person is deductor Ex mr A is deducting tax other than i.e over or under % prescribed in Act
say for 94c he is using 2.5% once and 1.8%in next time then what will be the results means the department will give any notice?

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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01 June 2011 if its in the same quarter....& the proper adjustment of excess TDS done against the short TDS... & the same is correctly reflected in your TDS return.... NO problem....