When I was checking all the deductee PAN for F Y 09-10, I have come to know my mistake that I have treated Partnership firm as Individual and I deducted and deposited the TDS @ 1 % in place of 2% as per u/s. 94C.

(E.g. Rs. Bill 101000.00-TDS 1000.00=Net Pay 100000.00) @ TDS 1%

But correction must be

TDS u/s. 94C for Partnership Deductee is 2%  

(E.g. Rs. Bill 102000.00-TDS 2000.00=Net Pay 100000.00)

But we have already filled the Audit, Annual ITR and Annual TDS return. Now see the above circumstances, our TDS liability accrued and may be AO will disallow and impose the penalty with taxes for the non deducted Bill Amount and we will have to pay the Tax at the time of scrutiny.

So how can I rectify the mistake and save the tax & penalties

Kindly reply 

Dear malhotra

                         I think no issue will arise because "the WORD "(COMPANY)  is,  Company  2% or other than Company 1%. Classified only two categories in eTDS. 1. Company 2. Other than company including HUF, Firm, etc.  

Dear Malhotra

Pay the differential tds with Interest and revise the concerned TDS return to give effect to the additional TDS. Probably the deductee has to revise his Income Tax Return (if already filed) for extra tds. Although provisions of disallowances get attracted when tds is not deposited before due date for filing Return of Income, you can defend against penalty proceedings by this.

Dear ,

I am doing my own business but my sales is not  more than 50 Lac anualy in last F/year now i have taken a shop on rent basis & i have paid to Rs 50000 per month rent , Please give the TDS procedure in detils

Ratnesh Kumar Sinha

Mr.Kundan Singh is absolutely corect. Due date for remitting tax on Journal entries passed on the last date of the finanicial year is 31st May of next financial year. To differentiate such transactions, we have to select Book entry option(YES). Other wise DIT will issue notice for payment of interest.

Correction return has to be filed by selecting bookentry option in deduction the deduction sheet. Book entry option mentioned in challan sheet is different than the book entry option mentioned in deducton sheet.

Please see the manual in TIN-NSDL.com website.

Regards

Ravindra

The TDS statement for the year 2009-10 had a column asking whether Paid by book entry or otherwise next to the column amount paid or credited( That was continuing till FY 10-11). But from the year 2011-12 the last coloumn of the statement asks Whether TDS deposited by book entry? Yes/No. So both the questins relate to different things and are not same.

Earlier it was about the amount paid and now it is for the TDS paid by book entry. So for the year 2009-10 if you have not selected no then it means that the amount was not credited on 31st March and the due date is 7th April.

From the year 2011-12 the question is for TDS deposit and not for amount paid.

Hi Friend

From where can i get TDS return [Excle] Quaterly ?

&

How to Submit ?

Please Help me......

Thanks

anand_rathod16 @ yahoo.com