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TDS applicability and TAN application

Mohan (Audit Assisstant & Accounts Manager) (489 Points)

10 November 2018

Assessee's books audited for the first time and return filed in October 2018. Assessee becomes liable for TDS and is going to apply for TAN. The query is whether tax required to be deducted on expenses for the period pre-TAN application as well and file returs for the same? If yes, then whether various interest attracts along with late filing fee u/s.234E?

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Manish Manu (198 Points)
Replied 10 November 2018

The requirement for deduction of tax at source depends on preceeding previous year turnover.

For instance if turnover of A.Y. 2017-18 exceeds the specified limit for Tax Audit in any month of A.Y. 2017-18, then tax needs to be deducted from A.Y. 2018-19 only and not in balance months of A.Y. 2017-18.

Accordingly if the assessee fails to apply for TAN in A.Y. 2018-19 resulting in non/late filing of return then interest along with late filing u/s 234E will get attracted.

For any further clarification, feel free to mail me @ mnshdugar @ gmail.com

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