Late filing interest

Discussion in 'Income Tax' started by Nikhil8, Mar 29, 2017.

  1. Nikhil8

    Nikhil8 Member

    We have balance in Challan, can we use adjust that amount to late filing interest.
  2. Ajsh LLp

    Ajsh LLp New Member

    If excess payment of Tax has been made in Quarter 1 of financial year 2013-14, the same can be used for Quarter 2,3&4 of F.Y. 2013-14 as well as for Q1 to Q4 of F.Y.2014-15. The excess amount of tax paid in Q1 of F.Y.2013-14 can also be used for payment of tax default of Q1 to Q4 of F.Y.2012-13.

    • Different challans used for the purpose of reporting multiple Deductees associated with different branches with same TAN:
    • The deductor may have used multiple challans for reporting multiple deductees associated with different branches, in the TDS Statement.
    • A single challan can be used for the purpose of reporting Tax Deducted for such deductees
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