Late deduction of tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 January 2014
WE HAVE RECEIVED LOWER RATE TDS CERTIFICATE FOR 1 PARTY FOR CERTAIN LIMIT.
THE ABOVE LIMIT IS EXCEEDED IN NOVEMBER MONTH THOUGH WE HAVE DEDUCTED TDS @ LOWER RATE INSTEAD OF FULL RATE. NOW THE SAME COMES TO OUR QUERY.
NOW WHAT TO DO?
- IF WE DEDUCT TDS LATE ON ABOVE THEN WHAT IS THE WHOLE PROCEDURE? WHETHER WE HAVE TO BOOK DIFFERENTIAL TDS IN NOVEMBER OR JANUARY?
- CAN WE DEDUCT TDS @ FULL RATE ON ABOVE AND PAY THE SAME WITH LATE DEPOSIT INTEREST AND REVISED THE TDS RETURN.
THE ABOVE LIMIT IS EXCEEDED IN NOVEMBER MONTH THOUGH WE HAVE DEDUCTED TDS @ LOWER RATE INSTEAD OF FULL RATE. NOW THE SAME COMES TO OUR QUERY.
NOW WHAT TO DO?
- IF WE DEDUCT TDS LATE ON ABOVE THEN WHAT IS THE WHOLE PROCEDURE? WHETHER WE HAVE TO BOOK DIFFERENTIAL TDS IN NOVEMBER OR JANUARY?
- CAN WE DEDUCT TDS @ FULL RATE ON ABOVE AND PAY THE SAME WITH LATE DEPOSIT INTEREST AND REVISED THE TDS RETURN.
AVTAR SINGH
(Expert)
29 January 2014
Deduct TDS at full rate in Nov. as you were legally required. Make payment with interest and revise your TDS return.
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