Delayed Remittance of TDS

TDS 2364 views 8 replies

Muralidharan

Self Employed

1035 Points Joined December 2008

Dear Members,

TDS for the month of April 2009 should have been remitted on or before 7th May 2009. Since Form 17 (new form for online remittance of TDS) has not yet been introduced in NSDL / Income Tax website, we could not remit the TDS today (07.05.2009).

Members kindly clarify whether it would be treated as violation and whether any interest will be charged by the income tax department.

Further till yesterday (06.05.2009) our bankers informed that they will not accept any TDS pertaining to current financial year 2009-10 if remitted in Challan 281. Today (07.05.2009) evening our bankers informed us that they will accept the TDS even if remitted in challan 281 for current financial year 2009-10 (Asst year 2010-11). We are planning to remit the TDS through our bankers tomorrow. Kindly clarify whether we can remit the TDS for current financial year in challan 281. The amount involved is close to Rs.2.00 lacs.

with kind regards

Muralidharan

Replies (8)

CA. Satish Kumar Goyal

Practice

115 Points Joined April 2008

yes, you should deposit your april 2009 TDS in form 281 with interest. because form 17 still awaited.

Sudip Adhikary

Accountant

19 Points Joined June 2007

Mr. Satish

Is it logical to charge interest

sumeet

service

46 Points Joined January 2008

Originally posted by :Sudip Adhikary
"	Mr. Satish Is it logical to charge interest	"

Dear All,

In my opinion, one should not pay interest on TDS towards late payment in this particular case cause its the Govt responsibility to provide the proper information much in advance. Why should we pay interest when they are not in a position to make notification applicable in the time specified.

Dear Member , please dont pay interest. When they will issue notice , you can prove that its their mistake.

VIPUL BUBNA

MANAGER TAXATION

119 Points Joined March 2009

Anyway we can defer to pay the interest liability till 31st May as the liability will be same even if pay today or on 31st May , better we should wait till month end.

yesodharan

working

51 Points Joined February 2008

What is happening at there? such things didnt happen before. may be the date changes for specified caterogires has made the confussion at govenment authorities.

Originally posted by :VIPUL BUBNA

All this confusion and harrassment happened due to the wrong decisions and plolicies of the government and therefeore we should not pay interest for the month of April,09 and wait for the issue being raised at proper level to the Department, and I hope the department will relax the interest for the month of April.
Anyway we can defer to pay the interest liability till 31st May as the liability will be same even if pay today or on 31st May , better we should wait till month end.

RITESH KOTHARI

B.COM FCA DISA(ICAI)

778 Points Joined March 2009

yes you must remit the tds in old manner in the absence of new one.its no point delaying that.

silky jain

chartered accountant

167 Points Joined December 2008

CBDT all set to extend date for implementation of new form from July 1, 2009 - TDS to be deposited in the old form no.281 till then.

Notification being issued soon.

s.seshagiri rao gupta

chartered accountants

22 Points Joined March 2008

Originally posted by :Muralidharan

Dear Members,
TDS for the month of April 2009 should have been remitted on or before 7th May 2009. Since Form 17 (new form for online remittance of TDS) has not yet been introduced in NSDL / Income Tax website, we could not remit the TDS today (07.05.2009).
Members kindly clarify whether it would be treated as violation and whether any interest will be charged by the income tax department.
Further till yesterday (06.05.2009) our bankers informed that they will not accept any TDS pertaining to current financial year 2009-10 if remitted in Challan 281. Today (07.05.2009) evening our bankers informed us that they will accept the TDS even if remitted in challan 281 for current financial year 2009-10 (Asst year 2010-11). We are planning to remit the TDS through our bankers tomorrow. Kindly clarify whether we can remit the TDS for current financial year in challan 281. The amount involved is close to Rs.2.00 lacs.
with kind regards
Muralidharan

no interest need be paid till the date the new notification has come into force posting poning the implemention of new tds rules.

ssrgupta