TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2010 In case the company has deducted less TDS on salary of the Director then it should have made ,so is there any penalty/liability on the part of the company & if yes what is that ,& if provision to save from that penalty ,(at the time of filling IT return Director is depositing full tax as due,but in TDS certificate some amount will come as tax due)

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 July 2010 Penalty will be the amount of short deduction of TDS, on demand by the department you can pay

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2010 & what will be the amount of penalty ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 July 2010 Amount of TDS which is not deducted

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2010 Also pl confirm if this can be done.Deposit the short payment now as TDS,file the revised return ,(short TDS amount +interest amount).?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 July 2010 yes. it can be done,

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Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2010 Thanks for helping out .Pl clarify one more thing,as if we will file revise return ,though interest have to be paid as TDS not deducted on time ,but i believe we will be saved from any penalty part ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 July 2010 If penalty proceeding is initiated seek remady under section 273B.

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