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Tds return filing

bhumika (STUDENT) (59 Points)

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?

 


 9 Replies

paresh kasala (Chartered Accountant) (52 Points)
Replied 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.
1 Like

CA HAYEDAR SHAIKH (Practice ) (612 Points)
Replied 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.

1 Like

Shahin Vahora (Student CA IPC / IPCC) (33 Points)
Replied 07 May 2015

Problem Solved winklaugh

1 Like

CA Abhishek Goyal (Chartered Accountant) (504 Points)
Replied 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..
1 Like

Rajesh Kumar Gupta (Senior Divisional Manager)   (714 Points)
Replied 07 May 2015

Sure, online rectification permits such corrections.
1 Like

Shashank Upadhyay (Students) (288 Points)
Replied 07 May 2015

Agreed with Mr. Abhishek Goyal.
1 Like

Rohit Tulshyan (RTProfessionals) (333 Points)
Replied 07 May 2015

You obviously need to dicide the same in the interest apportioned column else traces will still see as interst not paid.
1 Like

Shrawan Suthar (Student CA Final ) (39 Points)
Replied 08 May 2015

Konsa Challan Bhara tha tumne??

RAJESH PRASAD (SERVICE) (33 Points)
Replied 08 May 2015

Make payment for interest and penalty in a separate challan and excess tds deposited in earlier challan can be adjusted towards future tds dues.
1 Like

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