Sir/Madam, please tell me the quarterly TDS return filing liability in case where Deductor deduct tax at source in the month of march for the whole year. For ex. Mr.A (Deductor) has paid interset to Mr. B(Deductee) on monthly basis as per T & C which is above threshold limit i.e. above 5000/- without deducting Tax at source. Now in the month of march he has deducted total Tax and deposited with interest penalty i.e. 1% per month. now my question is whether Mr. A is liable to file all quarterly return or he can file the return only for fourth quarter.
2 Replies
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 11 June 2009
Mr. A is liable to file quarterly return for fourth quarter only as you must have made payment in one challan and that cannot be split across the quarters and TDS has been deducted in one quarter only. For the current year please atleast deposit TDS on quarterly basis atleast
swohra
(none)
(537 Points)
Replied 11 June 2009
Thank you Adityaji. But don,t you think if 'A' can file only last quarter than it is very convenient to file only forth quarter every year instead of all quarter and save charges and professional fees. And what about penalty provisions regarding late filing of quarterly return if Mr. A was liable to deduct tax on interest paid on monthly basis.
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