If we forgot to deduct tds of some party and later we deduct (next qtr) that and deposit that with interest.
Do we need to revise the tds return of earlier quarter or we can give that detail in that quarters return i.e. in in which the tds is deposited with interest.
Thanks
TDS return must be revised for earlier quarter because the expense account would have been debited at that time only (i.e., for earlier quarter). And the liability to deduct tax also arises from that day. Hence, return must be revised.
Agree with Divya KS
Earlier return needs to be revised.............
Sir,
Please help me by resolving my small queries regarding Interest on late deposit of TDS . say Date of Payment to party is 15 th January 2012 Rs. 80000/- u/s 194 J and Tds deposited on
i) say on 9th Feb 2012 and or
ii) say on 20 th Feb 2012
Interest to be deposited for how many months) on late deposit of TAX.
Regards
Anil Jain
9312640067
akj9312640067 @ gmail.com
for 1 month in first case
and for 2 months in second case
CAclubindia
