5th March 2015
Dear Members
A company paid professional fees of Rs.40000/- to Mr.X on 15th December 2014. By oversight tax was not deducted from this payment made. The mistake was noticed on 20th February 2015. The company remitted the tds of Rs.4000/- immediately on the same day (20.02.2015) and also recovered the same subsequently from the party. Interest of Rs.120/- ( @ 1%) for three months (December, January and February) was also calculated and remitted alongwith tds of Rs.4000/-
It shall be noted that the DATE OF PAYMENT / CREDIT to party is 15th December 2014. The ACTUAL DATE OF DEDUCTION OF TAX is 20th February 2015.
My query in this regard is whether the above TDS should be reported in the Third Quarter or during the Fourth Quarter.
Thanking you in Advance
With regards
R. Muralidharan
CAclubindia
