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Tds deposit not full amount

Others 798 views 4 replies

 

A deductor has deduct tds @ 5% instead of 10% and submitted etds return 26q accordingly, for 1st quarter.Now if he deduct balance tds amount in IIIrd quarter @ 5% from deductor Tds delay deposit with interest or not & how will be adjusted in etds return ? Thanks in advance


 

Replies (4)

Consequences for failure to deduct or pay TDS is governed by section 201 of income tax act

In your case interest will be payable at 1% for every month or part of month on outstanding TDS amount from original due date of deduction to the date of actual deduction

e tds return will be prepared as generally. just mention the period to which it relates..

I think you have to rectify the return wherein late deduction amount needs to be mentioned and payment details of the IIIrd qtr to be shown. Of course, interest liability wll creep up.

you have discharge the liability with the interest @ 1% for the number of months and part there of which is under delay and the same time you have to revise the return for the same quarter too.


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