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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2012 I have received above notice that was interest payable till due date to late deposit of tax Rs. 900/-
when I download default file from TIN-NSDL from TAN A/c. there has been 10 month default.
(Indicates TDS/TCS deposited for provision transaction)
Date of Deduction TDS on Rent 30 Sept'2009 and date of date of tds deposited 19 Jul'2010

my CA advised me to pay that amount bcz he says your landlord wants 16A from you for F.y. 2009-2010 and you have paid all the amount in May'2010 and deducted tds deposited on 19 July'2010. so on accural basic you must have to pay your tax before 7 of every qtr. next month even if you not paying anything but tds must be deposited any how which you have not done so you need to pay interest on it and also next all qtrs till the 19 july'2010 before qtrs.

is that right or something else ???

pls advice me what to do

Pankaj Indora
Branch Manager
M.M.Co-Bank Ltd

CA Deepak S

CA Deepak S (Expert)
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06 January 2012 If you are crediting the amount of rent due in your books every month, tds need to be deducted and deposited before 7th of subsequent month. If as per agreement you are paying rent annually you can credit the total amount on the date on which it is due for payment and deduct the tax accordingly. If that is applicable in your case you can revise the tds return by changing the date of credit and your interest liability will accordingly get reduced.

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2012 thanks,

but what is your advise on above case ??

pls explain us what to do ?

if bank has paid 14 month rent (29000/month) and deducted tds on 14 month and deposited in july'2010 (deducted 14 Month TDS in May'2010)
my landlord wanted his 16A form of F.Y. 2009-2010 due to huge amount of rent receipt in F.Y. 2010-2011 so he told us to give 16A of F.Y. 2009-2010,
I asked my C.A about 16A for F.Y. 2009-2010 then he told me if you wanted to give 16A of F.Y. 2009-10 then we have to take rent as accural basis and beferciate that amount into previous year 09-10 every month but you will have to paid interest on it due to accural basis you need to pay atleast tds on every next month before 7 at that time I agree but now interest notice is coming so that i really confused in which a/c i have to debit this penalty

help me again

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CA Deepak S

CA Deepak S (Expert)
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07 January 2012 In your case the entire rent is paid in May 2010. In my opinion pay you can show the date of credit of 12 months rent as 31.03.2010 and accordingly revise the tds return.

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2012 thanks for valuable advice

expense of revise tds return is more than paying interest

what you say sir what to do ?

pay interest or revise all qtr returns ?

thanks

waiting again for your superb advice

thanks again

CA Deepak S

CA Deepak S (Expert)
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09 January 2012 If expense of revising TDS return is more than paying interest you pay the interest. But that is the case if you approach any professional. You can do it in your own. It is not that difficult.