we have received a letter from TRACES stating that there is 1, Short deduction 2, Interest on late payment
1, In Short deduction ( we has deducted for security people TDS @ 1%) and filled the same to the traces.
2, Interest on late payment (In this part i need your help in calculation of interest)
for example Mr X we have payed 1,00,000/- and deducted tds @10% that comes to 10,000/- that amount is paid on 31July2013 and last date of paying of Tds is 7Aug2013 but we have paid it on 6Sep2013 and paid the interest for 1 month) is it right sir,
in this part we got the letter stating that we should pay 3 Months interest,
20 December 2013
Good Morning Sir, since you have filed the TDS according to your calculation of TDS on Bill amount you get from the Security Guards if you are paying them individually and not the agency 1% TDS on it is all right. Now go to TRACES open your account and download default file from there and see actually what is the mistake , it might be a late filling or under deduction of TDS as i seen in most of processing of TDS returns done by TDSCPC. Just see the defaults and file a revised return meeting out only defaults. When the process your revised TDS return they will drop the notice on there hand.
CAclubindia
