Dear Expert,
What is the treatment of TDS, whereas filling of TDS qtrly return during April-June for the FY 22-23 in case of non deduction of tax ?
one of my client who made an advance payment to the vendor but forgot to deduct TDS at the time payment and submit the TDS return. Now, he is deducted TDS on such amount and payment the challan with interest @ 1% on the 4th qtr of the FY 2022-23.
is it right process to book the amount on 4th qtr of TDS return or need to revise the TDS return for the 1st qtr where payment has been made ?
pls suggest.
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Treatment of TDS after filling of TDS qtrly return
Replies (5)
Yes . You can include in 4th quarter and payment dates should be as per bank statement
After filing of tds return . It's very easy and e filing..
Yes, it is easy to correction or revision but the matter was not that. It's related to TDS return mention on above. The case was an assessee fail to deduct TDS on advance payment on 1st qtr of FY 22-23. Now he is deduct the tax on Feb-23 and deposited same with interest amount.can the deduction amount of TDS shall treat in the 4th qtr of return or need to revise the earlier filed return i.e. 1st qtr. where payment has been made to the vendor on May 2022.
You have to deduct and pay as per tds payable based on Q1. transaction of Q1 cannot be reported in Q4. this is misreporting of information in tds return liable to penalties. assessee might get caught during assessment. don't do this just to save your interest payment
Since the Tds is paid with interest you can file the tds correction statement for Q1.
Payment or invoice whichever is earlier but provision of service is also base for deduction of tax
All payments need not attract Tds . What if the contract contract cancelled after making advance payment and tds already deducted?
Payment or invoice whichever is earlier but provision of service is also base for deduction of tax
All payments need not attract Tds . What if the contract contract cancelled after making advance payment and tds already deducted?
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