tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 March 2011 i had passed the journal entry comm charges dr. Amt 45888 to party name. Amt 45888 on 11/12/10

and make a payment without deducted TDS on 17/12/10 Rs. 45888

2) another bill of same party of Rs. 60232 on 10/2/11
i passed J/E Comm. char dr 60232
to party Rs. 49620
to TDS Rs. 10612
10612=(6023 +4589) ie4589 paid without interest .
paid the same on 17/02 feb. party 49620
to bank 49620

how can i correct this .sir please tell me again

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 March 2011 You have made a mistake which can not be corrected. You should have deposited TDS through 2 different challans. As 1st transaction relares to 3rd quarter and 2nd transaction related to 4th quarter. You should never deposit TDS of two different quarters in same challan. Also you dis not deposit the amound along with interest.

The correct method would have been to deposit the TDS through two different challans--

1) 4589+Interest
2) 6023

Solution:

Now only way out is to wait for the demand raised by deptt for short payment of interest on TDS. While filing return match the deduction against the same challan.

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