Tds
YAGNESH HASMUKH DAVE
(Querist) 21 January 2014
This query is : Resolved
i have recieved notice form traces for tds of various quater showing me short deduction /collection and short payment in some other quater what is the diferrence between short deduction and short payment i have check it quater wise but could find the amt they mentioned in the notice for short deduction or short payment and in some amt which they show as short payment is already paid how to rectify if their is any mistake in tds and if tds return is correct and their in no mistake then what to do in this matter pl do the needful urgently give brief explanation as i have never before recvd like this notice for tds
Rajendra K Goyal
(Expert) 21 January 2014
Contact the Income tax Office or Your Tax consultant to advise the steps for rectification.
Rajendra K Goyal
(Expert) 22 January 2014
You may visit the following threads for procedure:
http://www.caclubindia.com/experts/details.asp?mod_id=556510#.Ut9X2rThU1k
or
http://www.slideshare.net/thesanyamjain/how-to-correct-your-etds-return-online-on-tdscpcgovintraces-website
Akshay Jain
(Expert) 22 January 2014
Hi,
Short Deduction means that TDS is not deducted at correct rate from the deductee e.g. in no PAN case 20% have to be deducted instead of rate given in sections.
Short payment case means TDS is deducted more than what is actuall paid or Interest is to be paid.
If you have already paid taxes, revise your TDS return or correct the errors in TDS return if any.
For further query write your query at:
http://www.ngoandtaxconsultant.in/p/blog-page.html
R.V.RAO
(Expert) 23 January 2014
TDS short deduction is deducting less than the applicable deduction .this may happen if you apply a wrong rate of deduction.if you need to apply say 10% rate of deduction,by mistake a 2% deduction might take place.this is done by applying a wrong tds section.for example a contractor's tds deduction rate U/S 194(C) is say 1%. but a professional 's tds deduction rate U/S 194(J) is 10%.
SHORT DEPOSIT IS like IF YOU DEDUCTED SAY RS 100, YOU HAVE DEPOSITED ONLY SAY Rs.80.
revise TDS RETURN.FOR THIS APPROACH IMMDIATELY ,YOUR TAX CONSULTANT/C.A. DO NOT DELAY.
TDS DEFAULTS CARRY NOT ONLY PENALTY , BUT EVEN PROSECUTION.
