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Tds deduction

Neeta (Principal Consultant) (28 Points)

10 August 2017

My partnership firm has a TAN, but due to an oversight failed to deduct TDS while making a payment of around a lac to a vendor. This was just discovered while filing returns. What should be done? Is it mandatory to deposit when we have not deducted anything? If yes, what are the damages? Thanks

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4 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 10 August 2017

you can deduct tax at source while making your subsequent payment to the vendor or you can ask for refund from the vendor towards the TDS amount. penal intetest wud be required to be paid by you for delay in deducting tax and depositing it

Neeta (Principal Consultant) (28 Points)
Replied 10 August 2017

Thanks!

So we submit the TDS amount plus interest. Interest would be calculated from the date it was due to be submitted at 1% per month (simple interest) till date...right?