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TDS - Query

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(Querist)
09 December 2008 What is the consequences if the TDS is requited to be deducted @20% (194I) but has been deducted @2%(194C) and the other party whose TDS has been deducted has duly paid its Income Tax Liability.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
09 December 2008 Penalty proceedings u/s 271C may come up for which reply as stated may be given for the opportunity granted by the TDS officer.

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