Dear Friends,
In my books of accounts, I have have deducted the and passed the TDS deduction entry for the amount of Rs. 1,00,000 and the same was not remitted in the 7th of subsequent month(with held TDS). In the subsequent month i found that TDS to be remitted was finalised and TDS remitted is Rs, 25,000. Passed the reversal entry for Rs. 75000, for the TDS deducted in the earlier months.
Am i liable to pay interest on delay in payment of TDS for Rs. 100000 or on Rs, 25,000. What are the consequences of Rs. 75,000 which was reversed and paid back to the concerned person.
CAclubindia
