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Tds deduction

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This query is : Resolved

Rakesh Sharma (Querist)
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22 May 2013 Sir,

We have filed our TDS return for IVth qtr. f.y. 2011-12, TDS liability u/s 94J arised in audit, due to some reason we have not deposit the same till today. If we deposit the same today, what is interest liability (Bill amount 202700, dt. 31-01-2012)& whether we revise our TDS return for IVth qtr. 2011-12.

Experts are requested to guide me to what to do?

Thanks a lot in advance.

Tushar Desai

Tushar Desai (Expert)
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22 May 2013 Yes, you have to Pay the amount with 1% Interest per month. And you need to revise the return for the said period.

Suresh Mittal

Suresh Mittal (Expert)
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22 May 2013 1.The interest @1% PM or Part thereof from the date on which tax was to be deducted till date od deduction.
2.1.5% PM or Part thereof from date of deduction till date of payment.

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