Tds
This query is : Resolved
VENKATASAIDAMACHARLA
(Querist)
29 May 2015
Dear Sir
We need to pay the rent for the month of april.we accounted as payable and tds is not done at that time.we paid the rent in that month of june and TDS is deducted and paid before july 7th.Now is there any interests or penalties for tds not deducted in the month of april?
And for the same query if we pay the same amount in the month august and paid within due date i.e. before sep 7th.For the first quarter we not considered the said amount and filed return without considering that .Is there any interest or penalties?
Thanks in advance
We need to pay the rent for the month of april.we accounted as payable and tds is not done at that time.we paid the rent in that month of june and TDS is deducted and paid before july 7th.Now is there any interests or penalties for tds not deducted in the month of april?
And for the same query if we pay the same amount in the month august and paid within due date i.e. before sep 7th.For the first quarter we not considered the said amount and filed return without considering that .Is there any interest or penalties?
Thanks in advance
Adv. Kiran Marathe
(Expert)
29 May 2015
THE TDS SHOULD BE PAID IN QUARTERLY BASIS APRIL-JUNE 14 FOR THIS DUE DATE IS 7 JULY FOR PAYMENT & FOR RETURN 15 JULY IS LAST DATE.IF YOU FAIL TO MAKE THE PAYMENT THE THERE IS A SIMPLE INTEREST OF 1.5% P.A IF U PAID THE TAX ON 8 JULY THEN ALSO U HAVE TO PAY THE INTEREST FOR WHOLE MONTH .THERE IS NO ANY PROVISION LIKE DAY WISE WORKING SIMILAR TO VAT.IF YOU FAIL TO FILED THE RETURN BEFORE 15 JULY THEN 200 PER DAY PENALTY IS APPLICABLE BUT NOW THE TDS DEPARTMENT NOT SENDING ANY KIND OF TDS NOTICE FOR LATE FILLING OF RETURN........
Rupesh Jain
(Expert)
29 May 2015
you have to deduct tds when you make credit entry or make payment which ever is earlier.
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