TDS not paid
This query is : Resolved
14 February 2024
in F.Y 2021-22 we missed a TDS payment of Rs.1,00,000 under 194j now we are paying this in Q4 f.y 23-24. in which year this TDS will be reflected
11 July 2024
When you make a TDS payment that was missed in a previous financial year (in your case, FY 2021-22), but you are making the payment in a subsequent financial year (FY 2023-24), here's how it typically reflects:
1. **Financial Year of Deduction (FY 2021-22):**
- The TDS liability under section 194J should ideally have been deducted during FY 2021-22 when the payment was due. However, since it was missed, the deduction did not happen in that year.
2. **Financial Year of Payment (FY 2023-24):**
- When you make the TDS payment in FY 2023-24, it is considered as paid in that financial year.
### Impact and Reporting:
- **Tax Deducted at Source (TDS) Return (Form 26Q):**
- The missed TDS amount of Rs. 1,00,000 should be reported in the TDS return for Q4 of FY 2023-24 (since that's when you are making the payment). Ensure that you correctly specify the details related to the deduction, such as deductee's PAN, payment details, etc., in the TDS return.
- **TDS Certificate (Form 16/16A):**
- The deductee (the party from whom TDS was deducted) will receive Form 16A for the TDS amount deducted in FY 2023-24. This form indicates the TDS amount deducted and deposited on their behalf during that financial year.
- **Income Tax Deduction for Deductee:**
- For the deductee, the TDS amount deducted in FY 2023-24 will be reflected in their Form 26AS for that financial year. They can claim this TDS amount while filing their income tax return for FY 2023-24.
### Key Points to Note:
- Ensure that while reporting the TDS in FY 2023-24, you correctly mention the original financial year (FY 2021-22) for which the TDS was due.
- There may be interest and penalties applicable for the delay in deducting and remitting TDS as per Income Tax rules. These should be calculated and paid along with the TDS amount.
By paying the missed TDS amount in FY 2023-24 and correctly reporting it in your TDS returns, you ensure compliance with Income Tax regulations. Always consult with a tax advisor or a chartered accountant for specific guidance based on your company's circumstances and applicable laws.
1. **Financial Year of Deduction (FY 2021-22):**
- The TDS liability under section 194J should ideally have been deducted during FY 2021-22 when the payment was due. However, since it was missed, the deduction did not happen in that year.
2. **Financial Year of Payment (FY 2023-24):**
- When you make the TDS payment in FY 2023-24, it is considered as paid in that financial year.
### Impact and Reporting:
- **Tax Deducted at Source (TDS) Return (Form 26Q):**
- The missed TDS amount of Rs. 1,00,000 should be reported in the TDS return for Q4 of FY 2023-24 (since that's when you are making the payment). Ensure that you correctly specify the details related to the deduction, such as deductee's PAN, payment details, etc., in the TDS return.
- **TDS Certificate (Form 16/16A):**
- The deductee (the party from whom TDS was deducted) will receive Form 16A for the TDS amount deducted in FY 2023-24. This form indicates the TDS amount deducted and deposited on their behalf during that financial year.
- **Income Tax Deduction for Deductee:**
- For the deductee, the TDS amount deducted in FY 2023-24 will be reflected in their Form 26AS for that financial year. They can claim this TDS amount while filing their income tax return for FY 2023-24.
### Key Points to Note:
- Ensure that while reporting the TDS in FY 2023-24, you correctly mention the original financial year (FY 2021-22) for which the TDS was due.
- There may be interest and penalties applicable for the delay in deducting and remitting TDS as per Income Tax rules. These should be calculated and paid along with the TDS amount.
By paying the missed TDS amount in FY 2023-24 and correctly reporting it in your TDS returns, you ensure compliance with Income Tax regulations. Always consult with a tax advisor or a chartered accountant for specific guidance based on your company's circumstances and applicable laws.
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