Tds query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2014 I work with a Govt company.
I have made payment to a party and not deducted TDS on it. TDS had to be deducted @ 2% on that amount.

Now I need to rectify the problem of my last payment. What procedure should I follow.

We are ready to pay interest and deduct the TDS from the party's next payment.I am putting the facts:
1) Payment was made in February, April, May and June, 14.
2) No TDS was deducted on it.

Option which I am considering:
1) Deduct the TDS amount from the current payment for all the previous payments in the current date.
2) Pay the same with interest.

Question:
1) How to pay the interest amount (practically) like which challan??
2) How do I show it in the quarter 2 of 2014 return??

Please help me out its urgent

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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31 July 2014 1) Pay feb 2013 TDS and Interest amount in a separate challan and April, may, june amount in a separate challan.
2) you will have to revise the FY 2013-14 4th quarter return and Fy 2014-15 1st quarter return.
3) you will have yo pay interest on late deduction of TDS @1% per month or part thereof.
4) for interest same challan which we use for TDS is to be used that is ITNS 281.

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