Interest on Late payment of TDS - Professionals - Taxation - TIK Share
1 Likes 5948 Views

Interest on Late payment of TDS


Kamaldeep Singh

2014-02-07

Hi, Kindly guide on how to make payment of interest on late payment of tds. I want to pay such TDS online.

1. Do I have to make Interest payments through separate challans sectionwise. Since, it is a 26Q return it contains various sections like 194A,I,J etc. and we have to select various nature of payments in online challan.

2. How to revise such return i.e. suppose after payment of said interest we just have to add such challans in Correction statements and file it rightaway or we have to link each deductee to such challan whose TDS has been late deposited like interest calculations are seperatly shown in Justification Report for each deductee.

Thanks.

CA Pulkit Sharma

2014-02-07

Interst can be paid in normal manner. Go to the site and select the tds challans, incase you received notice than select proper code.

You can refer the belowe discussions for complete understanding.

This is in case of penalty, same is the procedure for interest 200A TDS Intimation for late filing penalty-fee us 234E-How to pay and what is procedure

How to reply the TDS notices received for Interest and Penalties?

Reply

Kamaldeep Singh

2014-02-07

Hi Pulkit..Thanks for the prompt reply. But my query is related to interest payment. If 26q had 1000 entries which include 94c, 94a, 94j payments and all challans were deposited on single day with respective challans for 94c, 94a, 94j. However, the payment was made on 8th of next month following the month of deduction. ITD now serves a notice for payment of interest. On opening Justification report the calculation is shown entry wise as you know. It is natural that interest wud be demanded on payments of all sections. When I try to pay it online I just get confused in nature of payment. Do I need to make payment for interest through seperate challans on the basis of each section. This seems quiet a cumbersome process because there are so many entries with covering almost all sections. 

I have a query related to correction statement too but I think it's better that I ask it in another post so as to make things less complicated.

 

Reply

CA Pulkit Sharma

2014-02-07

Yes it has to be done sectionwise. Its bit boring task, but has to be done.

If we dont do it sectionwise, the systems at ITD will not be updated accordingly and again they will send the notice for interest. And worst part is notices are system generted.

Pay the interest sectionwise and revise the return.

If you want to pay interest for a single section and than mention seperatly in revised return than you have take the copy of Revised return along with Interest challan and meet the Officer at ITD to adjust.

The time involved in meeting with officer is more than paying interest.

Reply

Kamaldeep Singh

2014-02-07

Thanks buddy..well I have already done the payment sectionwise to be on a safer side b4 your reply as payment was to be done urgently. It's a nice effort by this site n u all. Thanks once again.

Reply

CA Pulkit Sharma

2014-02-07

I know the reply was bit late. But working hard to provide immediate response to all querries.

Please keep visitng the site and add your knowledge to help others.

Reply

manish thota

2014-04-22

Mr. Kamaldeep i would like to kno how to file a revised return in this case ?. Should i file a  revised return showing the partywise interest ?

Reply

CA Pulkit Sharma

2014-04-22

@Manish Thota

When you revise the return just put the challan details and partywise details is not required.

Reply