Tds
This query is : Resolved
16 May 2012
MR.A has to deduct tds in january rs10000. He mistakenly deducted tds rs5000 & deposit on the due date.
In june, he came to know about the above fact.
a) if he deposit tds in june, will interest liability be incurred on 'late deduction of tds' or on 'late deposit of tds', both.?
b) since he has filed the tds return for financial year 2011-12, should he revised his return or disclose the fact in tds return to be filed in july12.??
c) should he has to disclose the short deduction of tds amount in balance sheet of f/y 2011-12 as tds payable..???
In june, he came to know about the above fact.
a) if he deposit tds in june, will interest liability be incurred on 'late deduction of tds' or on 'late deposit of tds', both.?
b) since he has filed the tds return for financial year 2011-12, should he revised his return or disclose the fact in tds return to be filed in july12.??
c) should he has to disclose the short deduction of tds amount in balance sheet of f/y 2011-12 as tds payable..???
16 May 2012
Pay interest on Late deduction for Feb to June period. Interest will be required to be paid if the TDS so made in June is not paid to Govt treasury before due date i.e July. This for late payment of TDS
17 May 2012
Revise the TDS return. Disclosure will come in Audit Report. (Statutory as well as Tax audit, if applicable)
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