Tds not deposited

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rachna

student

4 Points Joined July 2016

tds relating to 1st qtr 2015-16 has not been deposited till now, what will be the implications and procedure to deduct tds in the next year i.e. in 2016-17 ?

Replies (1)

Neeraj P Chourasia

Accountant

60 Points Joined November 2011

TDS for first quarter of 2015-16 can be deducted and paid in current year also. Only you have to mention the assessment year in Challan as A.Y.2016-17. Also you have to pay interest @ 1% p.m. from the month you had to deduct the TDS till the month you make the payment of TDS. Also you will have to revise the TDS return for the first quarter so that the deductee gets the TDS credited in his name.