Query u/s 192 tds related very urgent !! please help me !!!

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VERY  URGENT, PLEASE   !!!!
Query ( u/s 192 TDS related ) ????

As far as Deductor/Employer( Head of the Institution/school  ) point of view ,, 

Can i deposit  more than of Rs 5000/= ( if any ) as TDS already deducted u/s 192  to a Govt Treasury of a  School Teacher  for the LAST QTR of F.Y 2013-2014  ??

Example :
Suppose ,for the f.y 2013-2014 , Total Tax payable with EC & SHEC calculated of Rs 36,542/= OF A SCHOOL TEACHER ( after consideration of  u/s 80C , 80TTA, AND REBATE U/S 87A ) , and out of which Employer/school authority  already deducted 22,000/= till date /till 3rd qtr , so for the balance amount of Rs 14542/= , 
CAN I DEPOSIT THAT AMOUNT ( Rs 14542 ) WITHIN FEW DAYS ??

Please response " as far as Deductor point of view "  ..

Thanks 
Regards.

Replies (4)

SIR, THERE IS BIT RELAXATION ON TDS U/S-192,OR 192A.

THE LAW SAYS THERE IS NO PENALTY OR NO INTEREST WHILE  THE DEDUCTOR FAILS TO DEDUCT THE WHOLE AMOUNT OF TAX  " PROVIDED THE EMPLOYER FILE THE ITR ON OR BEFORE DUE DATE 

BUT IF EMPLOYEE FILE LATE ITR OR PAY THE TAX AFTER DUE DATE OF FILING ITR THEN THE DEDUCTOR SHOULD PAY INTEREST FOR THE PERIOD BEGINNING FROM THE DUE DATE OF FILING OF ITR TILL THE DATE DATE OF ACTUAL PAYMENT OF TAX

 

Dear Palash Paksh*t.........

        you should revised your TDS return & pay the TDS with interest..

 

SIR IF THE AMOUNT OF TDS WHICH IS TO BE DEDUCTED BY EMPLOYER BUT BY ANY REASON HE FAILS TO DEDUCT WHOLE AMOUNT, BUT THE EMPLOYEE FILE HIS ITR IN WHICH HE SHOWS ALL HIS SALARY INCOME AND PAY THE BALANCE TAX BEFORE FILING ITR ON OR BEFORE DUE DATE, THEN THE DEDUCTOR IS NOT LIABLE TO REVISE TDS RETURN N HE IS EVEN NOT LIABLE TO PAY INTEREST 

Interest on late deposit of TDS will apply here. TDS to be deposited every month and here 14K (little less than half of TDS liability) is deposited in the last quarter.

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