Tds related
This query is : Resolved
24 October 2013
suppose XYZ ltd deduct Tds of rs 1,50,000 in q1 of one of its customer say Mr A & fill return of rs 1,00,000.
nw in q2 Accountant of XYZ ltd come to knw dat he has fill wrong return of 1.lac instead of 1.5lac
my query is co should fill fresh return of 50,000 or accountant should revise the previous return (ie from 1 lac to 1.5 lac) along with penalty??
plz rep on this
nw in q2 Accountant of XYZ ltd come to knw dat he has fill wrong return of 1.lac instead of 1.5lac
my query is co should fill fresh return of 50,000 or accountant should revise the previous return (ie from 1 lac to 1.5 lac) along with penalty??
plz rep on this
25 October 2013
Mr Kukreja!
1. The main reason of such errors/mistakes lies in not maintaining or updating the accounts. Had accounted entered the payment of Rs.one lakh he/she would have come to know immediately about this short deposit.
2. REVISION OF RETURN: You have not mentioned the year of this error. However,option is available to revise the RETURN. First deposit the amount along with interest @ 1.5% (Rs. 750/-in this case) per month. Make request for .TDS for 1st Qtr on TRACES website. Revise it and e-file.
3. ALTERNATIVE OPTION: See if deductee (in your case Mr A) agrees to revise the amount of Bill so that TDS amount comes at Rs. One Lakh. And for balance TDS amount of Rs. 50000 get another Invoice of current date. Please note that this option be considered as OFF THE RECORD.
contact@vkbajaj.co.in
1. The main reason of such errors/mistakes lies in not maintaining or updating the accounts. Had accounted entered the payment of Rs.one lakh he/she would have come to know immediately about this short deposit.
2. REVISION OF RETURN: You have not mentioned the year of this error. However,option is available to revise the RETURN. First deposit the amount along with interest @ 1.5% (Rs. 750/-in this case) per month. Make request for .TDS for 1st Qtr on TRACES website. Revise it and e-file.
3. ALTERNATIVE OPTION: See if deductee (in your case Mr A) agrees to revise the amount of Bill so that TDS amount comes at Rs. One Lakh. And for balance TDS amount of Rs. 50000 get another Invoice of current date. Please note that this option be considered as OFF THE RECORD.
contact@vkbajaj.co.in
11 December 2013
Thank you sir...
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