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Tds u/s 194d - urgent plsss

Deepak Kishwar (Finance Professional) (43 Points)

14 December 2012

Dear All

Immediate help is required for the following issue.

We have received short deductions notices for tax deducted U/s 194C and 194D.

We made a payment of Rs. 10000.00 to one Mr. x and deducted Rs. 900.00 towards TDS on 30/04/2011. (pertaining to Qtr1 ) - Shortfall of Rs. 100.00

We made another payment of Rs. 20000.00 to Mr. X and deducted Rs.2100 (2000.00 + 100.00 short fall in Qtr1) on 01/08/2011)

We receive short deduction notice for Qtr 1 of Rs. 100.00 on a/c of Mr. X and no credit for excess deducted in Qtr 2 . Is there a way to deal such problems through correction statement.

Please if anyone could shed some light on this issue, would be highly grateful

Regards

Deepak Kishwar

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2 Replies

Ravi Kumar Mahaur (CA-FINAL) (202 Points)
Replied 15 December 2012

Here you are liable to pay interest @ 1% pm from the date on which tds has sought to be deducted (in your case i.e,30/04/2011) till the date on which tds has deducted (in your case i.e,01/08/2011). Further note that you have to pay such interest amount before filing of tds return. Yes you can file a return for correction the same.

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