Addl late late payment interest under tds

This query is : Resolved

arun laxman gaikwad (Querist)
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07 January 2014 Dear Sir
Our Company has recd notices from TDS CPC Gaziabad U.P.demanding 'additional late payment interest against processing & latest correction' for TDS returns we have filed.

Under which section of I.T. should we pay this? Under which code the challand should be filled up and to what a/c the same should be debited in books ?

Thanks & regards
Arun

Riddhi Kadhiwala

Riddhi Kadhiwala (Expert)
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07 January 2014 Payment of Interest & Penalty for this notice has to be done under code of "400" - TDS TCS raised by I.T. department.
You can select the section in which you had paid TDS earlier.
Interest & Penalty - debit in P/L account.
Penalty will be disallowed in computation.