Tds late payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2015
We forgot to provide TDS liability for interest on loan taken Feb 2015.
Can we make the TDS entry now in March15 and remit TDS with penalty. Also can we revise ETDS return which was already filed. The amount of Interest is 80000.
Otherwise can we ask for moratorium period up to April 2015 for paying interest on loan taken from a Party in Feb2015 so that interest and TDS will be paid in current month for loan taken in Feb 2015.
Can we make the TDS entry now in March15 and remit TDS with penalty. Also can we revise ETDS return which was already filed. The amount of Interest is 80000.
Otherwise can we ask for moratorium period up to April 2015 for paying interest on loan taken from a Party in Feb2015 so that interest and TDS will be paid in current month for loan taken in Feb 2015.
CA.Sourabh Sethia
(Expert)
18 June 2015
You have both the options :
1. Deduct the TDS now & pay it with penalty & revise the E-Tds return
or Option-2 as stated by you but if you go by Op-2 your interest expenses will be disallowed during this FY & penalty will still be attracted
1. Deduct the TDS now & pay it with penalty & revise the E-Tds return
or Option-2 as stated by you but if you go by Op-2 your interest expenses will be disallowed during this FY & penalty will still be attracted
18 June 2015
Option 1 need to be exercised. Pass the entry on 31st march, pay TDS with interest and revise the TDS Return.
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