TDS eFiling

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2011 plz explain me tds defaults and its consequences,
for examlpe: i deducted tds amount 4500 in 2008 but not deposited.now can i deposit that amount and file return??

plz suggest me.

Thanx in advance.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 July 2011 Yes. You can deposit the same and file return. But you stand liable to penalty u/s 221 for late deposit of TDS which is 100% of the TDS amount (Max).

Also a penalty for late filing of return may be imposed (Rs 100 per day of continuing default subject to Max of TDS amount but this is rarely imposed).

So just go ahead deposit the TDS and file the return. No need to pay any penalty until demand is raised by the department. But deposit the TDS along with interest.

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