Tds interest entry in tds return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2011 Sir

We Had made TDS provision for an outstanding Bill as on 31.03.11 for Party named X.As per new provision we have to pay TDS deducted on outstanding bill as on 31.03.11 by 30.04.11.However due to some reason we could not pay the TDS by due date hence we made the payment after due along with interest.Now when we filed the return we have to show this interest portion also along with the name of the party.

I want to know this interest portion has to be shown against which party.If i show it against Party X then the interest credit will go to the party and TDS Deducted will be including the interest portion for party X and name also cant be left blank in return.

please help as its technical difficulty.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 September 2011 The interest portion shall not be shown in the deductee details. It shall only be shown in challan details under interest.

Accordingly, the interest will not be credited to the party's account and you will be able to submit correct information.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2011 Sir

When we made the payment we showed under interest coloumn in challan but when filing return what is to be shown in party name? When the party seeing their online credit of TDS it is also refelcted there.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 September 2011 Against the name of the party only the TDS amount is to be shown, not the interest amount.

TDS return has two separate sheets for challan details and deductee details.

In the deductee details, only the TDS amount shall be shown.

In the challan details, the TDS amount is to be shown under TDS and the interest amount is to be shown under interest.

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Querist : Anonymous

Querist : Anonymous (Querist)

30 September 2011 Thanks my problem is solved from your suggestion thanks very much again..

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