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Tds

280 views 4 replies

amit c

Sr. Accountant

120 Points Joined September 2007

For the 3rd qtr tds return of a Pvt Ltd Co filed on 7 th jan 2016.An intimation received on 27 th jan of Rs 1011 due to shortpayment done.The payment is done on 27th april 2016 .Is there any penalty arises for the above act if yes than what amount ?

Replies (4)

CA Prashant Hegde

Chartered Accountant

375 Points Joined January 2015

Hi,

There is no any other penalty but Rs.1011 as on jan 2016, that amount paid in April so interest on short payment for 3 more months might have been added to that. pls check.

After payment you need to do online correction in traces login by adding this payment challan to statement.

Vikas Gupta

Tax Executive

530 Points Joined July 2012

Interest @ 1.5% per month for 4 months (Jan to Apr) should be deposited in May-16 along with TDS amount of Rs. 1011/-. Thus total amount regarding such TDS to be deposited should be Rs. 1072/- (Rs. 1011 + Rs. 61).