TDS related

This query is : Resolved

Abhi123 (Querist)
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16 July 2010 For the FY 2007-2008, bank had deducted TDS @ 10% instead of 20% on FD of Pvt. ltd. Now, the bank has received short deduction notice.

How to deposit the short fall for the FY 2007-2008

How the payee (Company) will claim the TDS in its retrun for the year 2007-2008

How the bank will issue Form no. 16 A

What to do in case the bank has no Account of the that client

Please solve all above. Thanx in Advance

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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16 July 2010 Banker has to pay for short deduction as penalty only and no need to credit the party account,even credit also. the deductee unable to claim the same

Deposit the TDS and charge it off expenses