Q1 suppose tds is to be deducted to 2%, instead it is dedcuted at a lower rate, say 1%. not only qtrly return but also the annual income tax return of the company is filed. Now a default list is obtained from the nsdl site regarding the same.
Now what option does the deductor co. has?
- can it claim the diff of 1% from the deductee
or
- will the company have to pay any penalty/int on short deduction?
Q2 Pan was wrongly quoted while filing tds return. IT return of the year is also filed. IT Deptt asks for tds @ 20%. if the co revise its return, will it be saved from this default?
CAclubindia
