Token Number column displays the token number of the regular statement and last two processed correction statements
Order Passed Date column displays the order passed dates of the intimation pertaining to the token numbers displayed
If there are more than two correction statements processed for the selected FY, Quarter and Form Type then token numbers of the last two statements in the processing order will be displayed
Count of Correction Statement(s) is for the FY, Quarter and Form Type selected by user
If there are no correction statements for the FY, Quarter and Form Type selected by user, then '0' will be displayed for Count of Correction Statement(s)
Default Amount, Amount Reported As 'Interest / Others' Claimed in the Statement and Payable for demand type short deduction will be displayed as 'NA' (not applicable) for Q1, Q2, Q3 of Form Type 24Q as short deduction is calculated at end of Q4
If a type of Default is not applicable for the statement, then 'NA' will be displayed for Default Amount or Amount reported as 'Interest / Others' Claimed in the Statement or Payable in Default Summary Details table
Total Demand is the sum of Payable amount for all defaults pertaining to the statement
Net Payable (Rounded-Off) amount is the rounded-off value of the 'Total Payable Amount'
Default Amount, Amount reported as 'Interest / Others' Claimed in the Statement and Payable are as per latest statement processed for the selected FY, Quarter & Form Type
Count of Deductees Without PAN and Deductees With Invalid PAN are as per latest statement processed for the selected FY, Quarter & Form Type
If there are no Deductees Without PAN or Deductees With Invalid PAN as per latest statement processed for the selected FY, Quarter & Form Type, then '0' will be displayed in respective columns
Short Payment – Reason for Short Payment default:
- Challan / Transfer Voucher details (CIN / BIN, Amount and/or TAN), Mismatch of OLTAS / G-OLTAS data with statement data.
- Insufficient Challan / Transfer Voucher balance (Claimed amount in the statement against the CIN / BIN > balance available in OLTAS / G-OLTAS for a CIN / BIN).
- Difference between TDS deducted and TDS deposited in the deductee rows.
Short Deduction – Reason for Short Deduction default:
- Invalid PAN and TDS have not been deducted as per the prescribed rate u/s 206AA (E.g., PAN-AAAA12345A mentioned in the statement is not valid)
- (a) No certificate issued from ITD, but deductor has claimed lower rate in statement (b) Validity of the certificate has expired.
- Other reasons (Threshold, Tax Rate, etc.)
Interest on Short Payment:
- Interest on Short Payment is a provisional interest because interest on Short Payment has to reduce when deductor pays / files the correction statement to reduce the Short Payment amount and then 'Interest on Late Payment' shall be appropriately calculated till the date of actual payment.
Interest on late payment
- Interest on Late Payment will be calculated on the amount which has been paid after due date from the date of deduction till the date of deposit.
Additional Late Payment interest against the processing of latest correction
- Additional Late Payment interest = (Amount of late payment interest after processing the latest correction) minus (Amount calculated based on previous statement)
Interest on Short Deduction
- Interest on Short Deduction is a provisional interest because interest on Short Deduction has to reduce when deductor deducts / files the correction statement to reduce the Short Deduction amount and then 'Interest on Late Deduction' shall be appropriately calculated till the date of actual date of deduction.
- In case of salary, Short deduction will be calculated only when deductor files Annexure-II in Q4.
Interest on Late Deduction
- Interest on Late Deduction will be calculated on the amount which has been deducted after due date from the date of payment / credit to the payee till the date of deduction.
Additional Late Deduction interest against the processing of latest correction
- Additional late deduction interest = (Amount of late deduction interest after processing the latest correction) minus (Amount calculated based on previous statement).
Late Filing Levy
- Late Filing levy has been calculated u/s 243E @ Rs.200/- per day from the due date of filing the statement till the date of filing of Regular Statement (from Q2 of FY 2012-13 onwards). Amount of Late Filing levy will be restricted to total amount of TDS deducted as per TDS statement.
Additional Late Filing levy against the processing of latest correction
- Additional Late filing Levy = (Late Filing levy after processing of correction statement) minus (Late Filing levy communicated earlier in intimation)
- Levy amount will be restricted to TDS deducted amount.
- As TDS deducted for Regular Statement was reported as ` 2000.00, hence Late Filing levy was also restricted to ` 2000.00. Later on deductor has filed correction statement and Total TDS Deducted increased to ` 3500.00. Hence, ` 3 000.00 (Actual Late Filing Levy) - ` 2000.00 (Late Filing levy) = ` 1 000.00 (Additional Late Filing Levy)
Interest u/s 220(2)
- Interest u/s 220(2) will be chargeable in case demand is paid after expiry of 30 days from the date of 'Order Passed Date'. Assessee will be liable to pay simple interest @ 1% for every month or part of the month, commencing from the date immediately following the due date of demand order and ending with the day on which the demand has been paid.
Source: www.caclubindia.com
