Not deducted tds in first 3 quarters

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2014 We are buying services from one firm on regular basis and we have forgotten to deduct TDS for 3quarters in this financial year. We pay them on monthly basis . Do we have to deduct TDS and pay with interest or interest with penalty ? since financial year is not ended .

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 February 2014 yes you need to deduct TDS and pay with interest. the penalty (234E) shall depend on whether or not you filed return in time or not.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2014 @ Nikhil

Thanks , I always filed TDS return on time . so you mean to say that i should deduct TDS for last 3 quarters , deposit with interest immediately and modify my TDS statement online . Am I right?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 February 2014 absolutely yes. earlier the better.

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