Sir,
Please tell me,
We had calculated the Professional tax for the first qtr 2011-12 at 2% instead of 10% and paid in the bank. We even filed the returns. Now what will be the further procedure.
Thanks
Sushant
1 Replies
Sidhardh
(Sr. Manager - Accounts)
(178 Points)
Replied 06 August 2011
1. Do revised calculation and pass the entries for deduction @ 10%.
2. Pay the balance TDS amount along with 18% interest PA.
3. Revise the returns by adjusting the TDS amounts. for Ex:- If you deduct Rs.10,000/- @ 2% on 5 Parties, Adjust the same to 1 or 2 parties as fully deducted and paid and revise the returns. While revising the returns, also add newly paid TDS challan and adjust the amount to balance 3 parties as fully deducted and paid.
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