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TDS Penalty
Suppose if a person has purchased property worth ₹ 2 cr on which he is supposed to deduct the TDS of ₹ 200000. Now suppose if he renews agreement and sell consideration becomes ₹ 2.30 cr on which he has to deduct the extra TDS of Rs. 30000/- and accordingly he has deducted it but while paying the TDS of Rs.30000/- he paid as advance Tax instead of TDS . Now How come can he claim that Advance Tax paid into TDS
Replies (5)
You can't claim advance tax as TDS.
Either go to your AO he may proceeds your refund after requisite formality then deposit it aa TDS.
Or you again deposit it as TDS challan & claim advance tax in a return.
Either go to your AO he may proceeds your refund after requisite formality then deposit it aa TDS.
Or you again deposit it as TDS challan & claim advance tax in a return.
But while paying the TDS again the penalty is also levied on it for late payment but Practically why should I make the payment of Penalty . Therefore if a want to save my penalty what should I do?
But its all your fault of not coorectly fill challan. Deposit soon for any excess penalty . no prov at all for adjustment of ot with tds
So it means I won't get any relief from the penalty of Rs. 200/- per day?
Hello Tejas,
Advance tax is the tax that one depoist for himself/herself. While TDS is the tax that you deposit on behalf of others.
Hence, there is no provision to to set of your advance tax with the TDS you want to deposit as both are different of type and of different persons.
There is no relief from the amount of penalty also and hence proceed to deposit the TDS amount ASAP.
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