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interest on late deposit of tds

tanvi (student) (77 Points)

22 August 2009

who is responsible to deposit interest on late deposition of tds- the person who deposits tds monthly or the one who files return?

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7 Replies

Naveen (CA Final) (53 Points)
Replied 22 August 2009

Originally posted by :richa
"	who is responsible to deposit interest on late deposition of tds- the person who deposits tds monthly or the one who files return?	"

Actually the person who is responsible to deduct tds is responsible for depositing interest amount on tds....and he is alone responsible for filing e tds return..

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tanvi (student) (77 Points)
Replied 22 August 2009

thanx...

actually in my organisation, different persons are given the responsibility to deduct tds on their respective payments and deposit the same, and amongst them one was given the duty to file qtrly return on behalf of all. One of the persons delayed in depositing tds and now the person who filed the qtrly return is being held responsible for the delay and deposition of interest thereof. Are they right in doing so? is there any specific provision for such a case in law?

ashish gupta ( student) (1922 Points)
Replied 22 August 2009

Hi... Tanvi

the person who late deposited the TDS is the only one responsible to pay the interest. the person filling the return shud b responsible only when he late files the qtrly return.

tanvi (student) (77 Points)
Replied 22 August 2009

thanx a lot ashish...

i'll be greatful if u can plz tell the provision where this is written

ashish gupta ( student) (1922 Points)
Replied 22 August 2009

there is no provision about this. but this is but natural the person deducting the tax has the responsibility to deposit the same with the dept. and ultimately this the co. who suffers.

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tanvi (student) (77 Points)
Replied 22 August 2009

ok...

thanx a lot

CA Bhushan Bhagwat Bharambe (CA) (81 Points)
Replied 22 August 2009

Originally posted by :tanvi
"	hi Tanvi its is assessee who is responsible for both the tasks and not any person from your orgnisation. If u r working with company then it is directors but the authority or responsibility can be delegated to some one	"