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Tds return filing

CA Varsha Mishra (Chartered Accountant) (166 Points)

03 May 2016

sir/madam I have made a payment of Rs.10,000 to a contractor on 28/9/15 but forgot to deduct tds on it. So i have deducted tds on 31/3/16 and deposited it within due date i.e by 30/4/2016 with interest on late deduction. but now it is asking me to pay even the interest on late deposit. Am i liable to pay so?

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3 Replies

Santhosh Kumar M S (TAX CONSULTANT) (82 Points)
Replied 03 May 2016

Yes, you have to pay interest and late filling fee as the payments relates to 2nd quater and last date of payment was 7/10/2015 and last date of filling returns was 15/10/2015

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CA Varsha Mishra (Chartered Accountant) (166 Points)
Replied 04 May 2016

but i have dedcuted TDS on 31/3/2016

Santhosh Kumar M S (TAX CONSULTANT) (82 Points)
Replied 06 May 2016

Liabality of tds deduction arises from the date of payment or credit which ever is earlier hence u are liable to pay interest and late payment fee from date of payment i.e., 28/09/2015

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