Please Help: can tds be late deposit
Posted Date : 10-Oct-2011 , 04:47:01 pm | Posted By shivashish karnani
please help out....
one of our client deducts tax at source but the data is quite huge and they are able to update the same by around 15th of next month.. So the tds interest is paid for 1 month...this come to huge amt as the tds is quite huge..
So i wish to ask you ,can the department give us a certificate to deposit the same by 20th or something of next month by submitting request for the same..
if yes then please tell the process for same.
note: incomplete payment cant be made as the cheques come from abroad.....
thanks
one of our client deducts tax at source but the data is quite huge and they are able to update the same by around 15th of next month.. So the tds interest is paid for 1 month...this come to huge amt as the tds is quite huge..
So i wish to ask you ,can the department give us a certificate to deposit the same by 20th or something of next month by submitting request for the same..
if yes then please tell the process for same.
note: incomplete payment cant be made as the cheques come from abroad.....
thanks
Category : Income Tax | Answers : 3 | Comments : 2 | Hits : 542
Answers
Answer By: Ashish Karundia
Dear Sivashish,
There is no provision in Income Tax Act, 1961 which provides for extension of due date for deposit of TDS.Further, it doesn't matter that as the data is huge, therefore, a lenient should be taken by the department. Thus, it is advisable to your client that he should try and deposit the TDS within the time limit provided in the ACT.
There is no provision in Income Tax Act, 1961 which provides for extension of due date for deposit of TDS.Further, it doesn't matter that as the data is huge, therefore, a lenient should be taken by the department. Thus, it is advisable to your client that he should try and deposit the TDS within the time limit provided in the ACT.
Answer By: PRIYANKA
i Agree with Ashish jee too, This is no excuse that data is huge so it gets compiled only by 15th of next month, there is no such provision of extension of time under the IT act, rather ur client should arrange the required resources and should plan and organise the data and related working in such a manner so as to be able to compile data , calculate TDS liablity and deposit the same within time. So I think what is needed here, is proper planning and organisation of work by ur client.
Answer By: Ketan Samdani
Agree with experts.
Comments
shivashish karnani
11-Oct-2011 , 02:45:46 pmthanks
Vikas Kundu
11-Oct-2011 , 07:31:50 pmI AGREE WITH ABOVE ANSWERS. IF YOUR CLIENT IS NOT ABLE TO HANDLE THE IN TIMELY MANNNER SO IT SHOULD EITHER HIRE COMPTENT PERSON OR TAKE YOUR HELP. BUT NO EXCUSE FOR LATE DEPOSITIN EXCEPT INTEREST.