After paying by own fund tcs is tds return compulsory

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This query is : Resolved

Haider Naqvi (Querist)

24 September 2014 My Company made a sale of scrap u/s 206C in FY 12-13 Q1, Q2, Q3, couldn't collect tax from the parties as TCS and didn't deposit tax to department. On 23Sep2014 my company paid tax after calculating interest @1% of all months out of own fund & deposit the same to Department. I want to know when company has depostied tax as TCS out of own pocket then is it necessary to file TCS quarterly return 27EQ of the parties from whom company still couldn't collect the tax from them.

Nikhil Kaushik

Nikhil Kaushik (Expert)

24 September 2014 yes, return is still required to be filed....

Haider Naqvi

Haider Naqvi (Querist)

24 September 2014 Mr. Nikhil, but company has paid tcs out of own pocket & Its assum that Tcs shall never be collected in future too. then TCS still return is compulsory. And what about late filing charges U/S 234E which is 200 per day ? will there be any notice seem to be receive for late challan however I have deposited Tcs amount with interest @ 1% per month or part of the month.

Nikhil Kaushik

Nikhil Kaushik (Expert)

24 September 2014 1. paying out of own pocket makes no difference to liability toward filing the return

2. payment of Interest at 1% is separate from 234e liability. therefore both need to be paid

Haider Naqvi

Haider Naqvi (Querist)

24 September 2014 One more thing I want to know that. There were 3 invoices raised for scrap on which TCS cound't be collected, and each invoice is in Q1, Q2, Q3 Quarter,It means I should have generated 3 challan of each invoice but unfortunetely to revise TCS return of Q1, Q2, Q3, but only 1 Challan containing all 3 invoices generated on 23Sep2014. It means Q1,Q2, I cann't revise, Can I add challan in 3th Quarter and add the deductee details which transactions date comes in Q1,Q2,Q3 & give the date of invoices raised in april, september which comes in Q1,Q2.

Nikhil Kaushik

Nikhil Kaushik (Expert)

25 September 2014 1. yes, ideally, you should generate three separate challans. But you can use one challan to revise three returns too.

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