Surcharge...

Tax queries 1000 views 7 replies

ysd prasad

Accounts officer

250 Points Posted on 14 July 2009

Dear experts,

I have one doubt on surcharge we are (P) Ltd company we had given one bridge contract to induvidul ( TIN regd ) in the FY 2007 - 08.

when we were paying advances we had deducted TDS @ 2.06 under contracts 94c (IT 2% + E.cess 3% ) but actually we had paid total advances in the FY 2007 -08 is 14 lackhs. paying 10 lakhs above to an Induvidal surcharge also applicable but we had forgot that and deducted only 2.06% instead of 2.266% and also filed in income tax

So wht will be happn in the future for that mistak can i pay that surcharge now that on or before 30th Sept 2009.

Sir pls help me...

Thank you,

PRASAD

Replies (7)

Sorabh Gupta

Manager ( Taxation )

877 Points Posted on 14 July 2009

Dear Prasad

As you told that you pay less tax due to lower deduction of TDS . Look it is the matter of both sides . As the contractor also files his return & claimed TDS in his return.

If you calculate the TDS again then you will have to PAY interest on that much amount. You can do so by depositing the TDS amount & again revised his return as well as contractor should revise his return also ............

But if you cant' do so then there may be chances that you will have to pay a huge amount of penalty..............

ysd prasad

Accounts officer

250 Points Posted on 14 July 2009

Thank u sir for ur clarification .......but some body saying that now we cant deposit the shortage TDS( surcharge) amount for the FY 2007 - 08 becz we crossed the due date.