If a person deducts TDS at lesser rate how much amount shall be disallowed.
Balakrishna Reddy (Student) (68 Points)
17 September 2008If a person deducts TDS at lesser rate how much amount shall be disallowed.
Piyush Jain
(CA)
(283 Points)
Replied 17 September 2008
First of all. if possible, he has to deposit the balance amount with the govt along with 12% interest P.A. If he has made the payment to the party he can adjust in the susequent bills.
If not possible, then the amount on which TDS is not deducted will not be allowed under the income tax act.
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