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Late Payment Of T.D.S.

Sanjivkumar Shah (Account Manager) (286 Points)

15 January 2008

Hi Friends,

I have one query regarding late payment of T.D.S. The Below is the case in details :

1. From 1st April ' 2007 Till 31st Jan'2008, I have deducted T.D.S. but not deposited into the bank due to one reasons is that we applied for TAN in the month of Nov'2007.

2. As of now we are going to deposit the T.D.S. into the bank but is there any interest to be charged? if yes at what rate it is to be charged as it is proprietory conern under Audit.

3. So, how we can issue T.D.S. certificate to our cilent i.e on quarterly basis / yearly basis / monthly basis ?

Regards

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33 Replies

CA. Aryendra (Chartered Accountants) (1233 Points)
Replied 15 January 2008

Delayed application for TAN may not be excuse for payment of interest. Rate of Interest is same for all persons. !2% p.a. simple interest is payable on amount of tax is not paid to Government Period of Interest From the date on which tax was deductible to the the date on which such tax is actually paid. -- Period for which interest is computed is rounded to whole months. Issuance of TDS Certificate In case of Salary: The employer is required to furnish a TDS Certificate to the employee within a period of one month from the end of the relevant financial year.

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(Guest)

Hi, Aryendraji Ok, but in case of T.D.S. certificate to party whose T.D.S. has been deducted on A/c. of interest other than interest on securities then how to issue T.D.S. certificate?. Regards Sanjivkumar Shah

(Guest)

same time limit i.e, one month from the end of the financial year

CA. Aryendra (Chartered Accountants) (1233 Points)
Replied 17 January 2008

If more than one certificate is required to be furnished to a payee in relation to a (one ) financial year, certificate may on request from such payee a consolidated certificate may be issued in Form 16 A for tax deducted during the whole financial year. Such certificate is to be issued with in one month from the CLOSE of financial year.

(Guest)

late tds deducted but not payment on bank

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Chhaya (Accountant) (20 Points)
Replied 30 May 2008

Hi,

I deduct tds & paid interest on late payment , can I collect that interest from party.

Please me reply,

Thanku

(Guest)

Hi,

Last financial year, I worked in 2 different companies. So, I will get 2 form-16.

Now, if I combine both the income, most likely I will have to pay some more taxes before filing my return.

My question is :

1. Can I submit the extra tax into any bank before submitting my return ?

2. Will there be any interest charged against the amout ? If so how much ?

Regards,

Samir

(Guest)

I hv paid TDS of 06-07 in June,07. that means i paid TDS late. So can i claim it for deduction in the year 06-07? or i wil not get dduction for the year 06-07 as i hv paid it in june07, after the last date of May,07.

So can i claim the deduction for the year 06-07?

(Guest)

Hi friends,

plz/ advise on the below mentioned amil.

(Guest)

Hi friends, there is a query of my client. plz. advise on below:- i m being a individual, have done lots of shares related transaction during the year and book gain or loss on that. i m also a partner of many firms. so my question is that my profit/ loss on shares is to be taxed at what % .i.e- 10% or as a normal business at the applicable rate. i have done intra day as well as other transaction. ito says that u have done whole year such transation and earn profit so its to be treated as a business income not capital gain and accordingly to be charged as business income . plz. advise on the issue and give the reference and section also.

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Paresh Agrawal (Articleship Training) (36 Points)
Replied 07 June 2008

No, you cannot collect interest on late payment from the party because it is your fault that you have not deposited the TDS with the authorities in time.

(Guest)

Dear Sir,

we received diffrent TAN no for division first two quarter deposited in one tan no. & second two deposited in another TAN ? Can we issue one TDS Certificate?it is requred both TAN nos in Certificate? plese guide me?

Regards