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Tds

CA.Varalakshmi.M (Manager-Finance) (482 Points)

18 October 2012

Hi Friends,

For 2 deductees we dont have PAN no's but we have deducted only 10% instead of 20% because they assure us that they give PAN no's there after.I have fild TDS returns for all quarters of f/y 11-12 after quoting some wrong PAN no's for those.

Now we have received notice from IT dept asking the amnt to the extent of short deduction and interest on that.

Can we file revised returns after notice from IT dept bcz we have PAN no's of those now.

Do we need to pay interest after filing revised return..

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6 Replies

Aman (Finance Professional) (604 Points)
Replied 18 October 2012

u can pay TDS in the next quarterly return and and u have to pay interest also....

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CA.Varalakshmi.M (Manager-Finance) (482 Points)
Replied 18 October 2012

Hi Aman I didnt get u,

my que is can we file revised return for quarter which we have received notice from IT dept.

Suppose for 2011-12 Q3 we have received notice from IT dept.

can we file revised TDS return for that quarter quoting the PAN no's now

Maruthi (Tds Returns Preparer) (207 Points)
Replied 18 October 2012

Yes, You can file the Revised TDS return for which you have received Notice by quoting the Correct Pan Numbers, But the matter about interest is depends upon such things, those are:

1. If you have paid tds in that particular return within due date, you dnt need to pay the interest on which amount was noticed as short deduction by the IT department.

2. Where as you didt pay the tds in that original return, you should pay the interest by calculating on the amount after you made PAN correction.

Regards

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CA.Varalakshmi.M (Manager-Finance) (482 Points)
Replied 18 October 2012

Thank U Maruthi.

Thanx a lot

CA.Varalakshmi.M (Manager-Finance) (482 Points)
Replied 18 October 2012

@ Maruthi do we need to give intimation to IT dept that we have filed revised return upon submission of revised return ??????

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Maruthi (Tds Returns Preparer) (207 Points)
Replied 19 October 2012

Varalakshmi,

Acutally the E-TDS was fully online and automatically updated with I.T.Department, So, Technically We dont need to intimate the Revised Return Submission, If anybody file the TDS rerurns they will be automatically updated to thier TAN Number. But, Practically it may be good if we send the Copy of the Notice along with the Copies of the Acknowledgements of TDS Revised Returns for their ready feference.