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TDS Returns

Geetha.K (Accountants Officer) (118 Points)

20 February 2008

Hi,

I am faceing many problems while submitting the TDS returns for the year 2006-07.

First time I am fileing the TDS returns.
One of the Karvycenter people fully misgudied me and that I came to know when I went to another Karvycenter.They told me to do it again takeing coreection software.

Now my problem is

The Co.paid the TDS amount for the whole year with interest and prepared the challans in Partywise for the whole year.Now I should file the returns in qurterly right ? .But the amount in challans is not yet all matching to the amount in returns what I am going to file .
They are saying the query shold come from Department to you.

I don't know what to do ? Is there any alternate method for this ?

If query will come what I will do ?

Please kelp me . It's urgent.

With Regards

Geetha.K

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14 Replies

Vijay (CA) (254 Points)
Replied 20 February 2008

Dear Geetha AS per my view firstly TDS amount should match with your books of accounts like data fromm Tally (If u maintain accounts in Tally). Secondaly you have to find the challan details. If you depositeed TDS measn it should based on some data. So try to find the challan details. And if after doing this yoiu come to know that some TDS not deposited then you have to deposit challan for those quarter again with difference amount. This is the simple way. Let me know if anymore required. Regards Vijay

O.D.SHARMA (DGM-F & A) (1734 Points)
Replied 20 February 2008

u prepare TDS return according to payments & TDS ,As U have paid on yearly basis. No problem .Give chalan details and intrest figures along with TDS .Once you find your TDS & Intrest is matching with books. it will be easier to file return.

(Guest)

Pls let me know when will be ICWA(Inter) Dec 2007 results

Geetha.K (Accountants Officer) (118 Points)
Replied 20 February 2008

Dear Vijay and O.D Sharma

Thanks for the replay.

Let me explain you full.
The Co. paid the TDS with interest for the whole year for Rs.8 lakh . but they wrote saparate challans to each party for whole year. like ABC - 2 lak DEF - 5 lak etc.

But TDS returns is qurterly right?
i.e in 2 lakh I have to split according to qurter payments and then I have to fill the TDS.That I did.

Then how the challan amount and TDS return file amount will match ? For that they are saying query should come from Department.

Actually they have booked more TDS amount in Tally and they paid TDS takeing net payment details I don't know how they did like that ? and When I asked the responsible person he says I don't know
Now I am faceing very difficult because in tally iIt's showing more expenses .
I think for that amount I have to make a reverse entry right ?

It confuses me lot .Please help me .
With Regards
Geetha

Vijay (CA) (254 Points)
Replied 20 February 2008

Dear geetha Yes, you can reverse the entry also by passing a Journal Voucher. You can give same challan reference number for more then one quarter. Means you can say that only one challan is deposited for more then one quarter. It will not create any problem as you are also deposited interest thereon. Let me know if require more. Vijay

Geetha.K (Accountants Officer) (118 Points)
Replied 20 February 2008

Thank you Mr.Vijay I have so many quries. Can you guide me ? Please give me your Email Id. With Regards Geetha.K

Vijay (CA) (254 Points)
Replied 20 February 2008

HI Pls chek ur private message where I have writen my mail id. Thanks Vijay

Geetha.K (Accountants Officer) (118 Points)
Replied 23 February 2008

Mr. Vijay
Sorry I send you the datas but there is some problem in my mail , so the datas are not reached you .

I have one more query , see

A/C no 1 is Current A/c :
A/c no. 2 is OD A/c : ok

Bank people taken the interest on loan from 1 to 2 ,after that they reversed the same. But they showed only in current A/c and no entry in OD A/c.

When I joined I noticed it everyone but nobody cares it. At last I explained it to one retired Bank Manager. After rectification he found , it's bank's mistake. and its loss to bank .i.e around 12 lakhs.

The Co. did the same thing like bank people while passing the entries in Tally .They passed the receipt entry i.e interst on loan to 1.to Acually we should pass A/C 2 to 1 right ?

Is it wrong ? What entries should I pass ? If I correct that entry I can't reconcile the bank statement.

If they did the mistake why we should do the mistake ?

ashok (Finance Executive) (56 Points)
Replied 20 May 2008

Friends Can guide me how to pass J.V's? and When should ?

(Guest)

1) We make payment for TDS after some days we find Accounts code is wrong in Chhalan. What we do ?

(Guest)

Our client is a Private Ltd. Co. and has taken loans from Barclay Ban, Reliance Capital, Kotak Mahindra Finance Bank Ltd. Is Sec. 194A applicable to the interest on loan paid by the Co. as a part of EMI

(Guest)

Hi,

I have a one doubt.

I my company TDS has been deducted but not paid to Govt. In the same way they have not filed TDS returns for the two quarters.

Please let me i can file the returns for both the quarters.And in this case i have to keep blank in paid challen details. Whether this is acceptable by the NSDL.

Thanks & Regards

Nagaraj

satish kumar voleti (A.C.A., (ICWAI)) (1686 Points)
Replied 02 February 2009

how to file tds returns, is it true that each and every individual is required to have digital certificate for filling the tds returns.

RAMESH KUMAR VERMA ( CS PURSUING ) (43848 Points)
Replied 15 November 2010

You can file your TDS/TCS return at any of the TIN-FCs managed by NSDL. TIN-FCs are set-up at specified locations across the country. Details are given in the NSDL-TIN website. These can also be furnished directly at NSDL-TIN web-site.

TDS return for successful acceptance

1. E-TDS clean text ASCII format: You can use any software like ms excel, compu tax or Tally.ERP or NSDL’s software Return Preparation Utility (e-TDS RPU-Light) for making e-TDS return but E-TDS file formats must be in clean text ASCII format with 'txt' as filename extension.

2. Correct Tax deduction Account Number (TAN) of the Deductor is clearly mentioned in Form No.27A as also in the e-TDS return, as required by sub-section (2) of section 203A of the Income-tax Act.

3. The particulars relating to deposit of tax deducted at source in the bank are correctly and properly filled in the table at item No.6 of Form No.24 or item No.4 of Form No.26 or item No.4 of Form No.27, as the case may be.

4. The data structure of the e-TDS return is as per the structure prescribed by the e-Filing Administrator.
5. The Control Chart in Form 27A is duly filled in all columns and verified and as enclosed in paper form with the e-TDS return on computer media.

6. The Control totals of the amount paid and the tax deducted at source as mentioned at item No.4 of Form No.27A tally with the corresponding totals in the e-TDS return in Form No. 24 or Form No. 26 or Form No.27, as the case may be.

7. Bank Branch code or BSR code is a 7 digit code allotted to banks by RBI. This is different from the branch code which is used for bank drafts etc. This no. is given in the OLTAS challan or can be obtained from the bank branch or from www.tin-nsdl.com. It is mandatory to quote BST code both in challan details and deductee details. Hence, this field cannot be left blank. Government deductors transfer tax by book entry, in which case the BSR code can be left blank.

FOR MORE INFO:-

https://www.tin-nsdl.com/FurnishingOfe-TDSreturn.asp

https://www.tin-nsdl.com/eTDS5EasySteps.asp

PLEASE ALSO READ BELOW MENTIONED PATH THIS SO THAT YOU COULD SUCCESSFULLY FILE TDS RETURNS.

https://www.svtuition.org/2010/01/file-e-tds-return.html