Action to take on Late Payment Interest defaults in Quarterly TDS Returns

  • | Income Tax - Articles
  • 19 Feb 2015
  • 21,380 Views
  • 0 comment
    • Print Friendly and PDF

CPC-TDS is now days sending letter to all the TDS deductors in respect of Late Payment Interest defaults in Quarterly TDS Statements/ Returns filed by the deductor. In the letter they specify the Late Payment Interest Outstanding as per their records starting from F.Y. 2007.

CPC-TDS generally provides information of outstanding Late Payment Interest for various TANs belonging to you in following format

FIN_YR TAN TAN Name Late Payment Interest

Financial year wise details of the above are available online to you on TRACES (www.tdscpc.gov.in) under aggregated TAN compliance (www.tdscpc.gov.in/app/tap/supertanreq.xhtml) report.

On receipt of such communications deductor has to pay the Late Payment interest amount and file the TDS correction statement.

CPC-TDS provides the above information to help deductor in in complying with the provisions of section 40(a)(ia) of Income Tax Act, 1961 and to ensure that correct information is disclosed in paragraph 27A/B of Tax Audit Report(Form 3CD) u/s 44AB of the Income Tax Act.

Actions to be taken by the TAN holders/ Deductor:

  • Download quarter-wise Justification Report from our portal TRACES for the details of Late Payment Interest default.
  • Please use Challan ITNS 281 for payment of the above, Download the Consolidated File from our portal and submit correction statements.
  • Online Correction facility provided by TRACES can also be used for closing the above defaults by suitably tagging the challans.
Tags:

More Under Income Tax

80C Limits Have Not Increased but Your Savings Can, Here’s How?
Stock-in-trade transfers in the year in which sale deed gets executed
Service tax Reimbursement by ONGC not form part of aggregate amount referred in section 44BB
FMV of capital asset as per ‘Guidance Value’ could be determined only after hearing objections of assessee
Assessment u/s 153C on non-recording of reasons and unsigned order sheet was invalid

0 Comments

  1. Jyothis says:

    A default statment stated Interest on late payment & deduction was sent by cpc.
    Company paid interest on late payment & want to correct interest on late deduction by changing the date of deduction.
    Using Conso file after adding challan of interest on late payment,is it necessary to add annexure or details of interest payment in tds statement.

      Reply
  3. RAJESH KUMAR says:

    I HAVE DEDUCTED TDS IN F.Y. 09-10 BUT DEPOSITED IN F.Y. 10-11 AFTER ONE YEAR OF DEDUCTION WITH INTEREST.

    HOW MAY I SAVE FROM PROSECTION UNDER 276B READ WITH SECTION 278

      Reply
  4. Pradip Bochia says:

    Sir, we have file our Society IT return online, but we have received notice from IT dept to pay Income tax with interest since they have disallowed deductions under Section 80P. We have write a letter to IT dept but there is no responce for more than four months have passed.

    Please guide us what to do? my mail id is (01) pradip.bochia@gmail.com and (02) pradip.bochia@ril.com

      Reply

Leave a Comment

Your email address will not be published. Required fields are marked *

Latest Posts

  1. Interest Whether on Gross or Net GST Dues?? HC Ruling & Additional Contentions
  2. Companies (Incorporation) Fourth Amendment Rules, 2019
  3. Rs. 10000 Fees on Filing of e- Form ACTIVE after 15.06.2019
  4. 80C Limits Have Not Increased but Your Savings Can, Here’s How?
  5. GST Statement / Return to be filed by 6% Composition dealers
  6. MCA Extends due date of filing Form No. INC-22A (Read Notification)
  7. Latest Clarification on Manner of Utilisation of Input Tax Credit
  8. ITC Reversal of Common GST Credit of Input & Input Services
  9. Relief to Composition tax payer & new category service suppliers under composition
  10. Differences between Composition taxpayer as per sec 10 & Composition as per N/N 2/2019 -CT(R)
View All Latest Posts

Popular Posts

  1. Presumptive taxation U/s. 44AD, 44ADA, 44AE
  2. Carry Forward and Set Off of Losses with FAQs
  3. Fees & Penalty for late / Non filing of TDS Return
  4. Assessments under Income-Tax Act, 1961
  5. GST Certification Course on Pen Drive by TaxGuru & GST Professionals
  6. Advance Tax Provisions, Challan, e-payment Utility & Examples
  7. All about TDS U/s. 194A, 194J & 193 of Income Tax Act,1961
  8. Join 4 day Course on GST by M.S.M.E. with Certification
  9. Tax Deduction/Collection Account Number (TAN)
  10. Senior Citizens not having Business Income exempt From Advance tax
View All Popular Posts

Featured Posts

  1. Decoding FORM GSTR-9
  2. Fees & Penalty for late / Non filing of TDS Return
  3. Presumptive taxation U/s. 44AD, 44ADA, 44AE
  4. Income Tax & FEMA provisions applicable to Non Residents
  5. Limitation / Compliance periods Under Income Tax Act,1961
  6. Interest on Income Tax Refund
  7. Form GSTR 9C – Reconciliation Statement – An Easy Understanding
  8. Empanelment with United Bank of India for Concurrent/Revenue Audit
  9. Assessments under Income-Tax Act, 1961
  10. GST Certification Course on Pen Drive by TaxGuru & GST Professionals
View All Featured Posts