B.Com CA Final
162 Points
Joined September 2008
HI RAJ KUMAR,
IF TDS HAS NOT BEEN DEDUCTED IN THE EARLIER MONTHS, THE SAME CAN BE DONE NOW. FOR EXAMPLE TOTAL TDS TO BE DEDUCTED WAS RS 40000, THEN MONTHLY TDS INSTALMENT COMES OUT TO BE (40000/12 MONTHS) RS 3333 , BUT IF TDS HAS NOT BEEN DEDUCTED IN THE FIRST SIX MONTHS , THEN IT CAN BE ADJUSTED IN REMAINING MONTHS- (40000/6MONTHS) RS 6667....
However interest will be charged likewise-
a.) from the date the tax was deductible to the date on which such tax is deducted- 1% per month or part of the month
b.) from the date on which such tax is deducted to the date on which such tax is actually paid- 1.5% per month or part of the mont
Note- Such interest is to paid before furnishing the quarterly statement for each quarter.
Penalty is generally not charged .. so dont worry at all about it.