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INTEREST IN CASE OF 'Y' FLAG IN TDS RETURN


IN THE TDS RETURN THERE IS A SCHEME OF PUTTING 'Y' FLAG WHEN TAX IS DEDUCTED AFTER THERSHOLD LIMIT EXCEEDS. BUT THE DEPARTMENT IN ITS PROCESSING INTEREST FOR LATE DEDUCTION? IS NOT THIS PRACTICE OF DEPARTMENT WRONG.



By: RAJEEV

Dear Rajeev,

If department is levying interest on such deduction, then it is definitely a wrong practice by them.

However you may avoid these entries with "Y" flag as the same is not mandatory to be reported in TDS Returns. What you can do is just start reporting the entries from the point when threshold limit exceeds.

E.g. If you pay u/s 194J - Rs.12000 in Jan, Rs.15,000 in Feb & Rs.10,000 in Mar. (Total Rs.37,000). Then do not report first two entries with Y flag, instead report only last entry with amount paid as Rs.10,000 and TDS deducted as Rs.3,700. By doing so, you will able to comply with law and avoid interest also.

If you have any question, Pl post the same.

Kind Regards
TaxReply.com

 



By: TAXREPLY.COM

But if we write Rs. 10000 as Amount paid / credited in TDS Return in place of Rs. 37000, the amount in tds certificate will be only Rs. 10000 in place of Rs. 37000 during that specific quarter.

In this case, we have to pay interest on late payments of TDS of Rs. 1200(2 months)+1500 (1 Month).

we should have estimated correctly at the time of first transaction itself, since the every section (like 194C or 194J) demands this prudence every time any organisation transacts.



By: SHRAVAN KUMAR GUPTA



398476
 
29
Mar
S
M
T
W
T
F
S
10 Mar

☑ Monthly | GSTR-7

GSTR-7 for the m/o Feb 2024 (For TDS Deductors u/s 51 - Section 39(3)).

☑ Monthly | GSTR-8

GSTR-8 for the m/o Feb 2024 [For TCS collection by E-Commerce Operators - Section 52(4)].

11 Mar

☑ Monthly | GSTR-1

GSTR-1 for the m/o Feb 2024 (Monthly Taxpayers) - N.No. 83/2020.

13 Mar

☑ Monthly | GSTR-5

GSTR-5 for the m/o Feb 2024 [Return by Non Resident Taxpayers - Rule 63 - Section 39(5)]

☑ Monthly | GSTR-6

GSTR-6 for the m/o Feb 2024 [For Input Service Distributors - Rule 65 & Section 39(4)].

☑ Monthly | IFF

IFF for the m/o Feb 2024 (QRMP Taxpayers, Optional) - Rule 59(2).

20 Mar

☑ Monthly | GSTR-3B

GSTR-3B for the m/o Feb 2024 (Monthly Taxpayer - Rule 61) - Either Compulsory taxpayer > 5 cr. or Voluntary taxpayer < 5 cr.

☑ Monthly | GSTR-5A

GSTR-5A for the m/o Feb 2024 [Return by OIDAR Service Providers - Rule 64.]

25 Mar

☑ Monthly | PMT-06

PMT-06 Monthly tax payment for Feb 2024 under QRMP Scheme [Rule 61(1)(ii) - Proviso to Section 39(7)].

Taxpayers have a choice to pay tax either, as per -  

A) Fixed Sum Method OR 
B) Self assessment basis subject to interest on short payment of taxes.
(Notification No.85/2020 - CT)
 
28 Mar

☑ Monthly | GSTR-11

GSTR-11 for the m/o Feb 2024 (Statement of inward supplies by persons having Unique Identification Number (UIN)).

31 Mar

☑ Annual | CMP-02

Last date to opt-in from regular scheme to composition scheme under GST for FY 2024-25 [Rule - 3 of CGST Rules.]

☑ Annual | GTA

Closing Date of window on GST Portal for Opt-in / Opt-out for Forward Charge / Reverse Charge by GTA for FY 2024-25 [Notification No.06/2023 - CT(R) dated 26.07.2023]