Treatment of TDS deposited in next year instead of p/y

This query is : Resolved

YOGESH GUPTA (Querist)
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11 September 2008
Sir

We have not deducted TDS in 2007-08 for one of party. Now we deduct the TDS and deposit the same with interest.

Please suggest whether we should revised our earlier returns of previous return or put the amount of TDS in current year /Quarter return.

Regards
Yogesh

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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11 September 2008 CONSEQUENCES OF DEFAULT IN TDS:

Disallowance of Expenditure (U/S 40a (I) and (ia)

Assessee in default (U/S 201(1)

Charging of Interest U/S 201(1A) @ 12% p.a.

Penalty U/S 271C (Equal to the amount of tax not deducted or not paid)

Prosecution U/S 276B(Imprisonment not < 3 months, may extend to 7 years and fine)

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