late filing of tds return for march,11

This query is : Resolved

Guest

Guest (Querist)

06 August 2011 my cliet is liable for Deducting tds for q-4 of fy 10-11,he had neither deducted tds nor filed TDS return. will the exp get disallowed and penalty will be levied for late filing of TDS return. also wanted to ask was he liable for filing nil tds return for the 1st 3 qtrs?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2011 No filing Nil TDS return is not compulsory.
Only exception is 24Q last quarter. Even if no TDS deducted on salary you have to file NIL TDS return with salary structure for last quarter.

See below link---

https://www.tin-nsdl.com/Form24QQ4.asp

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2011 If TDS is deposited within due date of filing income tax return the expenses will be allowed. You will have to deposit the TDS along with interest. Interest on late deduction @1% per month, Interest on late deposit @ 1.5% per month.

There is also provision for penalty on late filing of TDS return of100 per day subject to maximum of TDS amount, though it is rarely imposed and required to be paid only when demand is raised in this regard.

Further penalty u/s 221(1) of the I.T. Act, 1961 may be initiated. Max Penalty 100% of the tax amount involved.

Guest

Guest (Querist)

06 August 2011 "thank u sir"

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