Tds

TDS 540 views 2 replies

sushant gurav

Accountant

396 Points Joined August 2010

Sir,

Pls. tell me,

We are a partnership based firm. In the financial year 2008-09 , we had sub-contractors. And we paid TDS on 94C but mistakenly we paid some part of tds on 94 I instead of 94C. We have not filed TDS Returns till date. Also some amount of TDS under 94C is still to be paid.

NOW MY QUESTION IS : WHAT WE HAVE TO DO WITH THE AMOUNT WHICH WE HAVE PAID UNDER 94I.

AND CAN WE PAY THE BALANCE AMOUNT REMAINING OF TDS BECAUSE WE HAVE NOT FILED THE RETURNS.

Please clarify.

Very Urgent

Thanks.

Replies (2)

Yogesh Bhandari

CA FINAL Student

429 Points Joined July 2011

First of all, you paid TDS with more amount as at that time rate of TDS u/s 194I is more than 194C,, so no need to worry about that,, it can be adjusted by the AO,, and for the other query,, If u deduct TDS and did not pay it to govt. so pay TDS to govt. with interest and file the TDS Return...

Further, if u didn't file the return earlier,,so you can start filing returns from current FY and wait for the reply from the AO (TDS) and then perform any action as directed by AO.