Late deduction and return filling of tds
M.V.Srinivas (student) (59 Points)
04 October 2016M.V.Srinivas (student) (59 Points)
04 October 2016
CA Tanvi Sheth
(Consultant)
(232 Points)
Replied 04 October 2016
Hello,
TDS if deductible in May,2015 and is deducted in March,16 then you need to pay it with interest u/s 201(1A) for late deduction, also return will be filed for Q1 as the tax relates to Q1 and not Q4.
If you have already filed Q1 return then you need to deduct TDS for May and revise the return.
Now if you pay the tax and file the return before filing of return u/s 139, then expense will be allowed. else it will be disallowed u/s 40a(ia)
Thanks
M.V.Srinivas
(student)
(59 Points)
Replied 04 October 2016
Thanks for you reply CA Tanvi.
We have filled for the Q4 return as tax is deducted in March month. is there any consequences fot this?
CA Tanvi Sheth
(Consultant)
(232 Points)
Replied 04 October 2016
If you have deducted in March, did you pay it with interest? it would have asked the date of expense credited or payment, so how have you filed it?
M.V.Srinivas
(student)
(59 Points)
Replied 04 October 2016
we have paid with interest for late payment
CA Tanvi Sheth
(Consultant)
(232 Points)
Replied 04 October 2016
If interest is paid, then no other consequences will arise