Tds return filing

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bhumika

STUDENT

27 Points Posted on 07 May 2015

Hello
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?

Replies (9)

paresh kasala

Chartered Accountant

59 Points Posted on 07 May 2015

There is no need to rectify if you forgot to seperate penalties and interest. Your return will be proceed without any default. But for sake of reality. You should segregate these three components in challan. But now you need to add entries relating to interest and penalty from whatever software you are using.

CA HAYEDAR SHAIKH

Practice

452 Points Posted on 07 May 2015

Dear Bhimika,

You cannot rectify the challan as once payment made, you do not have any authority to make such changes in the challan.

Shahin Vahora

Student CA IPC / IPCC

26 Points Posted on 07 May 2015

Problem Solved

CA Abhishek Goyal

Chartered Accountant

438 Points Posted on 07 May 2015

Hello bhumika, you can rectify your challan after filing a return..once return os processed at bamglore, you can rectify your challan after logging in to TRACES..there is tab of online correction in which you can select the option of challan correction.. Thanks..