we have got certificate u/s 197 for lower deduction of tds from one party .it had validity till march 15 . we filed return of quarter 4 in june 2015 .but we have got short payment notice from department. plz solve.
1 Replies
Aditya Sharma
(finance advisory)
(377 Points)
Replied 12 June 2015
If the validity of the Certificate u/s 197 expires, you can not claim deduction at lower rate. Now you are required to deduct the full prescribed percentage. As you have made short payment now you will be required to pay Interest as well on such unpaid amount.
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