Consequences of shortfall in tax deduction - 24q column 347

Dear sir,

I am hereby attaching Annexure II to Form No.24Q of Q4 for FY 2010-11.

There are two directors in a company each getting salary of
Rs.40,000/- per month.

There is a shortfall in TDS deduction for FY 2010-11 for both the directors.

Can I proceed to file the return showing the shortfall amount. What
would be the further consequences? Kindly advice.

With regards,
Sidhardh