TDS Quarterly Returns

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This query is : Resolved

bhaskar (Querist)

17 April 2009 Dear Friends
Greetings From bhaskar
would you please clarify me that can we adjust excess or shortfall of TDS payment in the following quarter. What I mean to say the excess or short fall payment of Tds in the 1st quarter can be adjusted in the 2nd or 3rd quarter ?
Similarily we failed to file Tds Returns for 1st, 2nd and 3rd quarters for the FY 2008-09. can I file all the quarterly returns now ?

Shyam Lal Naik

Shyam Lal Naik (Expert)

17 April 2009 There is no system of adjustment of excess/shortfall in quarterly tds remittance.

Each challans must relate to 1 quarter.

You must file the quarterly tds returns.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

17 April 2009 As per my knowledge : Excess TDS can be adjusted if within the same head of expense (means under the same section. Short deduction has to be deposited with interest and the effect has to be taken in the same quarter, because until you deposit the whole TDS, you can not file the TDS return. And quartelry return has to be filed in any case, otherwise penalties may be levied for non compliance.

Sourabh

Sourabh (Expert)

18 April 2009 I agree with C.a. Tarun Maheshwari, the short TDs so made has to be adjusted in the same head to the same person name in next quarters with suitable interest (1% p.m) and there is a clause of penalty on late deduction of TDS returns but as of now the filing centers do not collect it and late return filing are accepted.