Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Interest on non deduction of tds from vendor

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2011 Dear Sir,

I have deducted 2% tds from one of my vendors bill dated 01.01.2011, and have paid to the goverment and have also filed the TDS return on time.

Now I realise that the TDS to be dedcuted was @ 10% instead of 2 %.

I have now deducted the balance TDS amount on 20.09.2011 and have paid to govt.

What Amount of interest do I have to pay @ at what rate. How will be calculation be done.

Can I revise the Q-4 return ( 01.01.2011 to 31.03.2011)

Please guide.

Thanks in Advance

CA Prashant Shrivastava

CA Prashant Shrivastava (Expert)

23 September 2011 You have to pay interest @ 1% p.m. or part of the month on the balance TDS of 8% from the date of default till the date of payment.

You can revise the TDS Return for the relevant period to incorporate the TDS challan paid after the filing of TDS Return.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now