TDS FILE ISSUE

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gaurav (Querist)
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29 April 2021 HELLO ANY ONE CAN HELP ME OUT OF TDS I HAVE DOUBT
1. IF NIL RET FILE CAN WE FILE AGAIN IF YES THEN WE HAVE PAID ALSO A RS 200 PER DAY UNDER 220 (2).
2. IF NILE RET CONS FILE IS NOT AVAIABLE ON TRACES THEN HOE WE CAN GET N FROM WERE WHT IS PROCEDURE .
3. IN QUARTER WE FORGET TO DEDUCT OR FAIL TO PAY TDS
EX:- IN FY 18-19 Q1 THERE ARE 10 DEDUCTEES BUT I HAVE PAID ONLY 5 DEDUCTEE CHALLAN N FILE TDS BUT REMAINIG 5 ARE PENDING TO PAY JUST TDS IS CUT BUT NOT PAID IN FY 18-19 SO, CAN WE PAY IN FY 20-21 IF YES THEN LAIBLE TO PAY INT WITH PENLATY PLEASE EXPLAIN ME ANY BODY.

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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11 July 2024 Certainly! I'll address your questions related to TDS (Tax Deducted at Source) step by step:

1. **Filing Nil TDS Return and Late Payment under Section 220(2):**
- **Can we file again if a Nil TDS return is filed?**
- Yes, if you have previously filed a Nil TDS return and later discover that there were transactions where TDS should have been deducted, you can file a revised TDS return with correct details. This revised return should include the correct deduction details and payments made towards TDS.
- **Late Payment under Section 220(2):**
- Section 220(2) of the Income Tax Act deals with the interest payable for delayed payment of TDS. If TDS is deducted but not paid on time, interest under Section 220(2) is applicable at a rate of 1.5% per month (18% per annum) from the date the TDS was deductible to the date of actual payment.

2. **Availability of Nil TDS Consolidated File on TRACES:**
- **If Nil TDS Consolidated File is not available on TRACES, what is the procedure?**
- If you have filed a Nil TDS return but it is not reflecting on the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal, you should verify the status of your return with your TDS deductor (employer or payer). Sometimes, there could be delays in data uploading or processing on TRACES. Ensure that your TDS returns are correctly filed and uploaded by the deductor.

3. **Late Payment of TDS for Previous Quarters:**
- **Forgetting to deduct or failing to pay TDS for a previous quarter:**
- If you failed to deduct TDS or deducted but did not pay it for a previous quarter (e.g., FY 2018-19 Q1), you can still pay the TDS along with interest and late filing fees in subsequent years.
- **Payment Timeline:** TDS deducted should ideally be paid by the 7th of the subsequent month (for most taxpayers). If not paid by then, interest and penalties may apply.
- **Interest and Penalty:** You need to calculate interest under Section 201 from the date TDS was deductible until the date of payment. Additionally, a penalty under Section 221 may also apply for failure to deduct TDS or non-payment of TDS.
- **Procedure for Payment:** Use the Challan 281 to pay the TDS amount along with applicable interest and penalty. Ensure to correctly mention the financial year, quarter, and other details while making the payment.

It's advisable to consult with a tax professional or CA for precise calculations and compliance with TDS rules and regulations, especially regarding interest and penalties. They can provide specific guidance based on your individual circumstances and ensure compliance with income tax laws.