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TDS INTEREST AND LATE FEES

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Pratik Surve

Assistant Professor

571 Points Posted on 25 February 2020

WE HAVE RECEIVED THE NOTICE FROM TRACES WHERE ITS SHOWS THAT INTEREST ON SHORT DEDUCTION, INTEREST ON LATE PAYMENT AND LATE FEES AMOUNT,

SO QUE. IS IF WE PAID INTEREST AMOUNT ONLY THEN CAN LATE FEES WILL BE WAIVED OFF??

OR THERE IS ANY WAY TO WAIVE OFF THIS AMOUNT.

NOTE- WE ARE PRIMARY SCHOOL AND TRUST.

Replies (4)

Quick Summary

This discussion addresses a notice received from TRACES regarding interest on short deduction, interest on late payment, and late fees. The primary question is whether paying only the interest amount will result in the waiver of late fees. It's noted that there isn't a separate challan for interest alone, and payments must be made under specific codes depending on whether it's for salary or late fees. While waiving late fees entirely isn't typically possible, revising previous TDS returns might help minimise the amounts if errors like incorrect PAN or calculation issues were the cause.

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 25 February 2020

There is no challan for interest alone.

First you need to identify interest for which code?

if it is for salary then you need to use 92B and in that you must enter amount in interest coulumn.
if it is late fee then you must enter in late fee column

Kumar Sushank

General Manager - Finance

1040 Points Posted on 25 February 2020

First, You need to check previous TDS Returns, which period belongs to this notice. Due to wrong PAN or some calculation, It is arisen by the Department. However, It can be minimize through revise returns.

There are no way about waive off late fee, You have to deposit these amounts after finalizing the same.