I have wrongly deducted TDS one of the party under profession which is actually related to contractor. We have filed tds return of 2nd quarter of current year . what should i do i have already filed the 2nd quarter tds . party is saying they want tds under contractor for remaining pending bills for which i deducting tds @10% on advance payment . please help me
09 December 2011
u can file the revised return for making adjustments in form 26Q.
Guest
Guest
(Expert)
09 December 2011
In my opinion revised return is not possible. Since At the time of deduction of TDS you must have mentioned in challan 'TDS UNDER SECTION 194J'. While you should have deducted @ 1% or 2% under section 194C. So, according to me revised TDS return for second quarter will not serve the purpose since section can not be modified as mentioned in TDS challan.
What best now can be done is for pending bill / balance amount deduct TDS under section 194 C @ 1 or 2% whatsoever applicable.
I hope i am bale to bring some clarity on the matter.
CAclubindia
