TDS on a previous years payments

This query is : Resolved

Pushparaj. A (Querist)
Follow

18 October 2010 Hi,

Kindly suggest on this case study. A rent was not paid to a owner for 2 years by a company and thereby not deducted tds and the expense was disallowed.

Now lets say the company is paying the rent to the owner for all these 2 years and wants to claim in the indirect expenses. Wat tds rate should we apply for this case (Present rate or earlier rate as applicable by then). Also should interest by levied, since it was disallowed and company has not taken any advantage for this expense.

Kindly reply.

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

18 October 2010 TDS will be deducted at the old rates only and now TDS to be paid along with interest.

Message likes : 1 times

Guest

Guest (Expert)

19 October 2010 Recognise expenses in profit and loss a/c.

deduct TDS and pay to govt with interest...

Regards

Message likes : 1 times

taxindiaconnect

taxindiaconnect (Expert)
Follow

19 October 2010 Agreed

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

20 October 2010 We should all be eager to learn and share. We at CAclubindia intend to create a knowledge base. A portal wherein you can gain, exchange and spread knowledge. This is only possible if each one of us take a sincere step and help. By doing this we will not only gain knowledge but also make relationships both professional and personal which will stand by us always.

But we should avoid to reply to threads with messages like I agree thanks, etc etc or even by answering the same answer. We should avoid any repition in the asnwer. Instead we can use the thank user icon just below the profile detail of the user in each post. We should always try to add value with your each post.

If there is some mistake by the expert in posting the reply or some clarification further needed to be stated which was missed by the expert then we should follow it up with the correct answer and we should avoid any unnecessary post out here. But whenever we disagree with each others views we should disagree gracefully and with dignity.