Urgent query on tds

second option is only solution.You have to see payment date/cr  date & the early one to be considerd for TDs purpose.

ONCE AGAIN, I GOT CONFUSED.

SHARMA SB.,  YOU ARE RIGHT IN YOUR VIEW THAT WE NEED TO CONSIDER DATE OF PAYMENT FOR MAKING TDS DEDUCTION. & THAT IS WHY I HAVE BEEN COMPUTING INTEREST W.E.F 01.10.2011 IN BOTH OPTIONS.

NOW I JUST WANT TO KNOW THAT UPTO 31.03.2012 I WILL HAVE TO PAY INTEREST @ 1% P.M. OR @ 1.5% P.M.

( BEACUSE INTEREST FROM 31.03.12 TO TILL DATE WILL HAVE TO BE PAID @ 1.5% IN BOTH THESE CASES)

I.E. INTEREST ON DELAYED PAYMENT OR INTEREST ON DELAYED DEDUCTION.

I THINK  SRIPAL JAIN IS RIGHT.

KINDLY REVERT BACK.

If you deduct and not paid 1.5%, In your case deduction itself was not done. Hence 1% is correct.

please deposit the TDS amount in the bank with interest as soon as possible as 30th April is the last date for the 4th qtr.

I think second option is correct. Because you have already paid at an earlier date, so interest would be calculated from that date itself.

Its better to deduct TDS on 31 March and pay till 30 April.

Reason:

Interst rate you have to pay only 1% for delay in ded of TDS and not 1.5% for TDS ded but not paid to gov.

Secondly you should not forget to recover that form that person..

In ur case option one is better. It is not adivsable to file revised return unless there is some urgency or wrong error which is material.  Tax cannot be deducted in back date. So pls deduct the Tax now and pay the interest thereon showing the date of Cr and date of ded. seperately in the return

regards

Dinesh Kalra

Hi,

Go with second option & 1.5 % interest for delay.

i dont undersntd why one needs to go with second option ,as you havent deducted tax on 1.10,so how can u expect that you wil be waived late deduction of TDS.one cannot do backdated TDS entry if ur able to do it its fine,bt strictly speaking option 1 is legally correct and as per the provisions of income tax

regards

sripal jain

Dear Lalit,

Legaly you have to go with second option.As this is due since payment & revise the return ,pay with interest .Pay & relax u will have sufficient justification .which legal optin gives first option ? Finally this will be your choice.

Isnt it advisable to pay interest @ 1% till 31.3.2012 and 1.5% for april 2012?

Originally posted by : Lalit Dhabria
	ONCE AGAIN, I GOT CONFUSED. SHARMA SB.,  YOU ARE RIGHT IN YOUR VIEW THAT WE NEED TO CONSIDER DATE OF PAYMENT FOR MAKING TDS DEDUCTION. & THAT IS WHY I HAVE BEEN COMPUTING INTEREST W.E.F 01.10.2011 IN BOTH OPTIONS.   NOW I JUST WANT TO KNOW THAT UPTO 31.03.2012 I WILL HAVE TO PAY INTEREST @ 1% P.M. OR @ 1.5% P.M. ( BEACUSE INTEREST FROM 31.03.12 TO TILL DATE WILL HAVE TO BE PAID @ 1.5% IN BOTH THESE CASES) I.E. INTEREST ON DELAYED PAYMENT OR INTEREST ON DELAYED DEDUCTION.   I THINK  SRIPAL JAIN IS RIGHT.   KINDLY REVERT BACK.

Yes Mr. Sripal Jain is totally true and do it the way as ur 'A' option is shown... U r doing very true way bro...

Best wishes