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Late deduction of tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 January 2014 WE HAVE RECEIVED LOWER RATE TDS CERTIFICATE FOR 1 PARTY FOR CERTAIN LIMIT.

THE ABOVE LIMIT IS EXCEEDED IN NOVEMBER MONTH THOUGH WE HAVE DEDUCTED TDS @ LOWER RATE INSTEAD OF FULL RATE. NOW THE SAME COMES TO OUR QUERY.

NOW WHAT TO DO?

- IF WE DEDUCT TDS LATE ON ABOVE THEN WHAT IS THE WHOLE PROCEDURE? WHETHER WE HAVE TO BOOK DIFFERENTIAL TDS IN NOVEMBER OR JANUARY?

- CAN WE DEDUCT TDS @ FULL RATE ON ABOVE AND PAY THE SAME WITH LATE DEPOSIT INTEREST AND REVISED THE TDS RETURN.
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AVTAR SINGH

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AVTAR SINGH (Expert)
29 January 2014 Deduct TDS at full rate in Nov. as you were legally required. Make payment with interest and revise your TDS return.

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