e tds query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2011 If in last month of year , limit for tds exceeded , i should deduct tds on all amts paid during year from last payment. Then whether interest becomes applicable,for tds on earlier payment late deducted in last payment? how to file e - tds in such case? is it necessary to file E - tds for all Quarters or it would be sufficient to file E - tds , only for last Quarter since tax deducted only in last quarter & paid ? if one goes for filing e - tds only for last Quarter , the problem is Tax deducted & Gross amt Credited in last Quarter does not match with TDS Rate, Hence i am confused , kindly help me...!

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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30 March 2011 You need to deduct & pay TDS on the all amounts paid during the year.

Ideally speaking..interest on TDS on earlier payments is applicable here.

But you should instead...pay the total TDS from the last payment without any interest. In the etds return of last quarter, you should show all the amounts (combined)and the total TDS.

If you receive any query from the AO, you will have the opportunity to explain your point of view.

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