I have a query. Someone plz solve it.
So my query is:
'A' has deducted Tax of 'B', say, Rs. 1000 U/S 194 C of Income Tax Act, 1961. Bt due to late deposit in Bank it attracted interest & penalty of, say, Rs. 228/- & Rs. 1000 respectively.
Now the problem is instead of specifying the amount of interest(Rs. 228), penalty amount(Rs.1000) and TDS(Rs.1000) in Challan, the whole amount is taken as TDS i.e Rs. 2228 and the amount is deposited in Bank(by Online Banking).
Therefore, the amount of TDS Challan is exceeds than the actual TDS.
Now what should be done to ractify it? Is it possible to divide TDS amount and Interest amount in Challan?
And what problems it can cause if TDS Return is filed without ractifying it?