Friends, CPC (TDS) team had communicated to their deductors through email on 10-09-2014 that there is no effect of Section Code mentioned in Challan and Deductor can deposit a single challan for payment of TDS deducted in a month. There is no issue of Section Codes 94C, 94A , 94 J, 92A , 92B , 94H etc.
Secondly excess amount of TDS can be used in the next Financial Year or adjustment of Defaults for previous years issued by Income Tax Department etc.
Now, there is no use to update Section Code through bank or assessing authority if it is wrongly mentioned in challan. The same can be corrected while submitting TDS Statement.
Keeping in view of these important changes, every deductors should devote some time in reading the following communication of CPC (TDS) Team.