Wrong classification for TDS deduction, changeover
This query is : Resolved
03 December 2008
Dear Friends,
We have in our company security guards on retainership basis with agreements of one year, renewed every year. They are raising monthly bills on the company on which company is deducting TDS @ 10% considering as professional service.
We also have separate security agency providing security personnel. This agency raises bill on the company on which TDS is deducted @ 2% on Contractors.
Can we change the TDS on bills raised by security guards from 10% to 2% now. If yes what is the process to be followed for change of TDS % from higher to lower rate. This must have happened just due to a error.
Thank you,
Nitin Surve
We have in our company security guards on retainership basis with agreements of one year, renewed every year. They are raising monthly bills on the company on which company is deducting TDS @ 10% considering as professional service.
We also have separate security agency providing security personnel. This agency raises bill on the company on which TDS is deducted @ 2% on Contractors.
Can we change the TDS on bills raised by security guards from 10% to 2% now. If yes what is the process to be followed for change of TDS % from higher to lower rate. This must have happened just due to a error.
Thank you,
Nitin Surve
03 December 2008
Every deduction is separate deduction, Every case is unique in its respect. In present case you have wrongly deducted excess TDS, the problem might be there if TDS is deducted at a lesser rate, which is not in the present case. You can switch to deduct TDS under right section at any time.
03 December 2008
best would be while making 26-Q show these payments u/s. 194-C, although the tds would be more by 8% but there would be problem as you have deducted more tax
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- PAYMENT NOT SEND IN 180 DAYS
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
