I have missed to deduct tds on a payment with high value for a service. Now the FY also has ended. Can i remit the tds now by receiving the amount from the party.
If so, kindly suggest on the E-TDS procedure etc... (i.e which quarter should i file this payment, date to be mentioned etc...)
15 May 2009
One can always pay such TDS even after the end of financial year but u need to pay interest for the default period. Interest is payable @1% per month or part thereof.
U need to see in which quarter(s) such amounts were made and accordingly u need to file original/revised e-TDS returns.
15 May 2009
Hi TDS should be deposited for the month in which that bill was entered in the books or payment made (whichever is earlier)and return for the relavant quarter will be revised. However if such payment of credit is prior to March, such expense shall be disallowed for the income tax purposes U/s 40(a) and shall be allowed in the next financial year (in which TDS is deposited).
CAclubindia
