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TDs not deducted on March 2023

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sujin

accounts executive

222 Points Posted on 13 April 2023

dear expert,
i received a two bills from vendor which is under service charges for rental fan hiring for our office
first bill 24000 March 2023
second bill 34000 March 2023
Iam not deducted tds
now my query is what is the solution to deduct tds now

Replies (3)

Quick Summary

If you've missed deducting TDS on vendor bills for March 2023, don't worry. You can still deduct and pay the TDS after the due date. Be aware that a penalty of £200 per day under Section 234E will apply, capped at the TDS amount. The deadline to deduct and pay TDS for March without penalty was April 30, 2023, with returns due by May 31, 2023.

Rama chary Rachakonda

Master in Accounts & high court Advocate

9620 Points Posted on 13 April 2023

You can pay TDS after the due date, however penalty of Rs 200 per day as per Section 234E needs to be paid. The deductor is liable to pay the penalty for every day during which the failure continues. However, the amount of late fees cannot exceed the TDS.