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
sushant gurav (Accountant) (396 Points)
06 August 2011Sir,
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
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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