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Tds on late payment interest filing

Jayachandra Naidu (Accountant) (171 Points)

09 February 2012

Dear All,

Pls Guide me regarding TDS on late payment. We recived defaulter list from NSDL for the F.Y 2007-08 Q4. now i'm going to pay for late payment interest on the TDS for the above year. I would like to know what is the procedure for file the TDS for this. Shall I correct old TDS returns or add it regular returns in this year. Pls guide me

Thanking You

Jayachandra Naidu

e-mail id: jayachandrayv @ gmail.com

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13 Replies

Vikash Kumar (Manager Accounts (CA. Final)) (694 Points)
Replied 09 February 2012

First apply for consolidated file for the same quarter after log-in to NSDL website.After making payment of interest, prepare revised return for the same quarter with consolidated file & submit it alongwith Form 27A and a copy of original return ack. slip.

BHARAT BAMBHAROLIYA (CA FINAL) (57 Points)
Replied 09 February 2012

U have not required to revise your original return. First u paid that interest which demand in defult report for particular assessmet year as per related section and then u write letter to tds officer for remove such demand. U have not required to revise yor return.

valji (Accounts manager-MBA) (2150 Points)
Replied 09 February 2012

AGREEE WITH MR BHARAT

CA. Vikash Parakh (CA) (59 Points)
Replied 09 February 2012

You need to file revised TDS Return, Vikash Kumar is correct.

Until you file revised return, the default status of that particular quarter will remain the same as per NSDL, and the assessing officer also would not be able to vacate the demand. Once the revised TDS return is filed after payment of interest, the default status will no longer be there.

1 Like

CA Atul (Tax Manager) (294 Points)
Replied 10 February 2012

You have to register with NSDL-TIN with following link;

https://onlineservices.tin.nsdl.com/TIN/JSP/security/TanLogin.jsp

once you register you will get login ID with Password by using that you can download consolidated file for that quarter in "Default" menu, now you have to downloan "E-TDS rpu" software from NSDL-TIN website; the downloaded consollidated file will open only in that software once you open d file you can make "Revise Return" as well & same you have to upload in that rpu software only.

1 Like

CA VISHAL L KHATRI (PRACTICING CA) (123 Points)
Replied 10 February 2012

Even i got the defaults list......

But in that there wer so many wrng PAN+ Wrng RAte Mentioned + Short payment deduction+interest on late deposist.......

1 ) after paying interest i have to revise??

2) I knw in PAn + short payments + wwrng rate i have to revise return after paying payments

But in option 1 there wer so many section so should i have bifergate the interest according to section or should i pay the total amount in 1 section which contains higest figure in that quarter.........???

CA VISHAL L KHATRI (PRACTICING CA) (123 Points)
Replied 10 February 2012

in the above i got 2 nswer 1 said i have to revise & 1 said i have to write a letter to INCOME TAX???

Wat to do??

Thanks in advance

CA Atul (Tax Manager) (294 Points)
Replied 13 February 2012

Dear Mr. Vishal,

You have to clssified all the payments in respective sections, if there is problem in making payment to the bank i.e. wronge deposit of tax into the bank in respective sections then only you have o write letter to your respective (ITO) office & then only you can make revise for the respective year.

2 Like

Gaurav (Learner) (45 Points)
Replied 13 February 2012

I agrre with both the Mr. Vikash...I myself facing the same prob with TDS return filed for many of my clients and the solution is to file a revise TDs return by downloading the file from NSDL as i have done it so successfully.

Also, if u read the intimatin reeceived from department, in the point no. 3 , u will find that it has been clearly written that if any error is found in the submitted return, then the same should be corrected by filling a correction return with Tin FC.

Letter to the dept. can only be written in the case if return has been filed correctly but ders a mistake from dept. in consideration, which i havnt found till now.

1 Like

CA.PRADEEP SHARMA (C.A) (21 Points)
Replied 02 May 2012

THERE ARE NO NEED TO REVISED THE T.D.S RETURN JUST WRITE A LETTER TO I.T.O REGARDING DEPOSIT OF INTEREST, BUT IN INTIMATION FOR DEMAND RECEIVED THE POINT NO. 4 MENTION THAT SUBMITT THE CORRECTION STATEMENTS AFTER DEPOSIT THE INTEREST,

geetha (student) (409 Points)
Replied 07 December 2013

1. Payment made for interest on short deduction for the particular quarter - shud the return be revised ?

2. Payment made u/s 234E late filing Fee for the particular quarter - shud the return be revised?

dhrithi (Student CA IPC / IPCC) (32 Points)
Replied 17 January 2014

dear all,

iam dhrithi articled assistant joined last month we have received TDS notice on 12 dec 2013 for

short deduction-984

interest on late payment-522

interst on short deduction/collection-144

late filing levy-3000

total -4650.

Should i recalculate interest on late payment including january 2014 or as per the notice only 4650 should be paid ???

Plaese help.

thanks in advance.

Gaurav (Learner) (45 Points)
Replied 18 January 2014

Dhriti,

First of all you have not mentioned for which period the default has been generated.

You have paid the TDS dues,as evident from what given above, interest on tds dues will be calculated only till the date you had paid the due tds.i.e your challan date. IT IS THE INTEREST ON NON PAYMENT of any INTEREST (refer 200(1) & (1A) ) that you have to calculate till date.

If there is nothing such mentioned, you must pay 4650 asap and clear the liability.

One more thing, you must check the short deduction issue, as in most cases, wrong PAN nos.,non-selection of appropriate option such as lower deduction, transproter, etc. leads to these kind of defaults.