I have incorporated a Company in April 2013 but havent filed any TDS return or deducted TDS till date.
Could you please guide me can i deduct TDS now and also file return now.
There is only one expesnse of Rent, where TDS is required to be deducted in my case while being new company there is no other expenses where TDS is required to be deducted
plz guide me on how to file TDS return now for Each quarter as i havent done any thing from TDS point of view.
09 April 2014
dear, its not like that if you are company then TDS is deducted on all expense. TDS is required to be deducted and with such a rate as specified in respective TDS provisions. In respect of your rent expense limit of TDS is Rs. 1,80,000 per annum up to which you are not required to deduct TDS.
As per section 201(1A) u have to pay interest @1% from the date on which tax was deductible to the date on which tax is actually deducted, & interest @1.5% from the date on which tax was actually deducted to the date on which tax is actually paid.
You can pay TDS amount with interest and file TDS return for previour quarters.
Further Where a person fails to furnish quarterly TDS/TCS return, he shall be liable to pay , by way of fee, a sum of Rs.200 for every day during which the failure continues. However, the fees shall not exceed the amount of tax deductible/collectible. This fees will be in addition to other consequences under the act. After July 1, 2012 it will not be possible to submit belated quarterly TDS/TCS return without payment of fees under section 234E.
I hope this info will provide help to you. Thanks
Querist :
Anonymous
Querist :
Anonymous
(Querist)
09 April 2014
Dear
All this section I have already studied,, I was asking for the practical help.
How can i avoid such penalties. Can I file only q4 return and show all the details so that i can save myself from penalty from everyday.
Only Rent comes under purview of TDS and other expenses are not much or below exemption limit. How can i deal with Rent for TDS purpose in Return and Deduction matter.
Hope for practical way rather than mentioning Section.
CAclubindia
