Revised return for tds interest defaults

You need to just put in the details of challan in the TDS return. There is no option in TDS return to allocate the interest amount partywise.

I think you are not required to submit the revised return.  After depositing the interest amount write a letter to ITO by giving the reference of notice received from the department. A copy of challan and notice received also enclosed with the letter.

It is necessary to revise TDS return.

Originally posted by : Vineet Goyal
	You need to just put in the details of challan in the TDS return. There is no option in TDS return to allocate the interest amount partywise.

Thanks for your valuable reply. But, while filing TDS Return using TIN-NSDL FUV, one has to give details challan wise regarding the payment made to Party, PAN, date of payment, and the interest on TDS deducted. But, If I have to pay interest for TDS on a party on whom I have already paid (including interest on TDS) than I think, I will have give the details about the Party, Payment and interest on TDS. Correct me if wrong.

Thanks in advance.

no, you cannot provide the interest details partywise in TDS return as there is no such option. but need to provide the challan details only. Interest should be deposited section wise, quarterwise and co./non-co. wise.

Please check if you are told to pay Rs 406 or Just Rs 11. Because if you have paid Rs 395/- then it should appear as deduction at the end of these line items where you will see your net liability.

Originally posted by : Vineet Goyal
	no, you cannot provide the interest details partywise in TDS return as there is no such option. but need to provide the challan details only. Interest should be deposited section wise, quarterwise and co./non-co. wise.   Please check if you are told to pay Rs 406 or Just Rs 11. Because if you have paid Rs 395/- then it should appear as deduction at the end of these line items where you will see your net liability.

Yes, the net amount payable is Rs. 11 only as you pointed out.

But, I have one more query, for revised return isn't I will have to give the details like Party, Amount aid, TDS deducted ...

As I'm only paying the interest here than how to complete Annexure detials in my TDS return. Thanks in advance

There is no need to complete the annexure. you just need to incorporate the challan details in TDS return.

I want to ask under which legislative provision the department is charging interest till the date of generation of Intimation?

There is no specific section in Income Tax Act according to which interest till date of generation of intimation is levied.

But this is a well settled thing that if someone pays income tax and interest is also due on that amount then department first collects interest and thus if we pay inome tax excluding interest it is taken as payment of interest and balance income tax thereby short payment of income tax.

Thus in other words what department is levying can be said to be interest on short payment of tax and not interest on late payment of tax.

We had the same problem in our company. Interest was paid and in the REVISED return, i just showed the payment of interest in "Interest" column and didn't allocate it to every other deductee.

As such, i don't think there is any need to allocate such payments to every deductee individually.

Hence, just revise your return and show the CHALLANS to ITO. That would suffice.

Regards

Prateek