Tds deposited on provision made during march 09
This query is : Resolved
17 December 2011
Sir, we have made provision for March'09 and TDS has been deducted on the same, but deposited the TDS before 31st may 09, but the IT department has sent a notice for interest on late deposit of TDS mentioning the due date as 7th April'09 and also demand for late deposit of TDS, so it need expert suggestion. Please so an openion on this ...
18 December 2011
You may write a letter explaining that the amount paid is not towards monthly deduction
(like salary or other payments) but it is in respect of provisions (like interest payable) made on the last FY day.
.
In case the payments were made during the FY itself or the provision made is in connection with the salary ... AO may be right in these situations.
.
(like salary or other payments) but it is in respect of provisions (like interest payable) made on the last FY day.
.
In case the payments were made during the FY itself or the provision made is in connection with the salary ... AO may be right in these situations.
.
18 December 2011
The demand is raised mainly because of a common error made by most of the deductors. The mistake committed is selection of option paid by cash instead of paid by book entry. In case of paid by cash due date will be 7th April. Therefore, you simply need to revise your TDS return and select option paid by book entry. After filing the revised return write a letter to your TDS AO intimating this mistake and stating that correction statement has been filed. Also enclose acknowledgement of the revised return filed by you.
This is quite common problem so no ned to worry.
This is quite common problem so no ned to worry.
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