TDS

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GOVIND BANSAL (Querist)
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17 April 2010 IN case of short deduction due to worng reporting of rates ( roundded off to 2 digit after decimal) i.e suppose 2.266 , in quaterly statement it is reported 2.27 , can it be assumed that assessee has defaulted by lower rate of deduction & short deduction has resulted because of that.

Further it is very intresting to note that in 2009 april 7 was Public holiday "Mahvir jayanti" most of the assessee are getting notices for late pament of tax even if the bank has endorsed the date as 08042009 on challan and intrest due is assumed on those. which in my opinion is wrong , because of any law purpose if the last date is public holiday it is assumed that next working day to be last date for that purpose.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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18 April 2010 rounding off is allowed. in your query you said 2.266 is taken as 2.27 so there is no short deduction. it is right deposit full amount of TDS and return it is OK.
Mahavir Jayanti is not used to Public Holiday everywhere. Income tax deptt see a public holiday which is in full India. So this is the reason they said that it is late deposit. Act is same it 7 is public holiday then you can deposit on 8th

GOVIND BANSAL

GOVIND BANSAL (Querist)
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18 April 2010 SEE the GOVT holiday list 2009 in which Mahavir jayanti is in compulsary list of holidays, even INcome tax office itself should be & must be closed on that day throughout India ,

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