Interest/penalty if tds return corrected?

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Swasti Purohit

Swasti Purohit (Querist)
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08 April 2014 Is interest/penalty leviable if TDS return of Quarter 3 of FY 2013-14 corrected in april 2014?

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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08 April 2014 it depends upon the type of correction made if there is addition of Challan and Deductee records there can be a possibility of Interest.

but if there is correction of arithmetical or other error no penalty or interest leviabe.

Swasti Purohit

Swasti Purohit (Querist)
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09 April 2014 there is an addition of challan & deductee record.
What is the amount of interest?

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Swasti Purohit

Swasti Purohit (Querist)
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09 April 2014 the tds amount was deducted on 12.12.2013 & deposited on the same day. but by mistake, the same was not included in the return of Q3.

Now,on revising the Q 3 return, what is the interest rate? Is it 1.5% per month?

Swasti Purohit

Swasti Purohit (Querist)
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