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Tds late payment

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Querist : Anonymous

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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.
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CA.Sourabh Sethia

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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
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
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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