LIVE GST Certification Course by CA Arun Chhajer. Register Now!!

Tds Return & Penalty Query

17 November 2010

Dear Friends, Pls give me answer for this.

A firm had to pay Rs. 40000/- per quarter. It has paid the same to the landlord for the quarter ending 30.06.2010 without deducting any TDS as he was unaware of the same & neither did he have the TAN. Now he has applied for TAN and is thinking of paying the rent less TDS for the 2nd & Third Quarter. Please advise regarding interest chargeable if any & penalty. It has also but obviously hasn't submitted any quarterly or half- yearly return as it did not have the PAN.

Reply
Follow
Share

7 Replies

Murtuza Roshan (Practicing Chartered Accountant) (437 Points)
Replied 19 November 2010

Originally posted by : Ankit
	Dear Friends, Pls give me answer for this. A firm had to pay Rs. 40000/- per quarter. It has paid the same to the landlord for the quarter ending 30.06.2010 without deducting any TDS as he was unaware of the same & neither did he have the TAN. Now he has applied for TAN and is thinking of paying the rent less TDS for the 2nd & Third Quarter. Please advise regarding interest chargeable if any & penalty. It has also but obviously hasn't submitted any quarterly or half- yearly return as it did not have the PAN.

While paying his second quarter rent he shall deduct TDS for two quarter's & file his TDS accordingly with Interest payable @ 1% per month for late filing of first quarter!!! & issue form 16 A to the landlord

Murtuza Roshan (Practicing Chartered Accountant) (437 Points)
Replied 19 November 2010

Originally posted by : Ankit
	Dear Friends, Pls give me answer for this. A firm had to pay Rs. 40000/- per quarter. It has paid the same to the landlord for the quarter ending 30.06.2010 without deducting any TDS as he was unaware of the same & neither did he have the TAN. Now he has applied for TAN and is thinking of paying the rent less TDS for the 2nd & Third Quarter. Please advise regarding interest chargeable if any & penalty. It has also but obviously hasn't submitted any quarterly or half- yearly return as it did not have the PAN.

If landlord doesn't have PAn Card ask him to apply for!!! U can check Pan no within 10 days of the application through IT website.

Ankit Agarwalla (CA) (281 Points)
Replied 19 November 2010

Thanks for your answer. But what do you think of the return part? Was he liable to submit the return for the 1st Qtr? If yes will he have to deposit any penalty for non-submission of the same with the IT Deptt.??

Murtuza Roshan (Practicing Chartered Accountant) (437 Points)
Replied 19 November 2010

Yes it was liable to submit the return of 1st quarter. Firm has to pay interest with it.

Sunil Goswami (Manager Accounts) (29 Points)
Replied 24 March 2011

Dear experts,

pls tell me if Company accountant has deducted the tds for 3 qtr. but not deposit the same. so there is no return submitted for 3rd qtr. So pls suggest me company will have submit a return for 3rd qtr. with penalty?

Now company has deposit the above TDS with interest charges 1.5% per month which was deducted for third qtr. but not deposit in the same.

pls suggest me if we didn’t deduct any type of tds then return is necessary for every qtr.?

Pankaj Arora (Learner) (3134 Points)
Replied 24 March 2011

Its not necessary to file return if no tds deducted but my point of view its better to file Nil return.

1 Like

Sunil Goswami (Manager Accounts) (29 Points)
Replied 24 March 2011

Dear experts,

pls tell me if Company accountant has deducted the tds for 3 qtr. but not deposit the same. so there is no return submitted for 3rd qtr. So pls suggest me company will have submit a return for 3rd qtr. with penalty?

Now company has deposit the above TDS with interest charges 1.5% per month which was deducted for third qtr. but not deposit in the same.

pls suggest me if we didn’t deduct any type of tds then return is necessary for every qtr.?

and if we will submit a nil returne now then we will pay the panalty for this.

Recent Topics

More recent discussions | Post

Related Threads

Popular Discussion

Start a New Discussion

Trending Online Classes

"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"

CA Vishal Zawar

Enroll Now

01 May 2024
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)

CA Arun Chhajer

Enroll Now

27 April 2024
5th Live Batch for Basic and Advanced MS Excel

CA Vishal Zawar

Enroll Now

20 May 2024

view all classess

Subscribe to the latest topics :

Search Forum:

Forum Home

Popular Threads

Tds Return & Penalty Query

7 Replies

Online classes for CA CS CMA. Professional courses for GST, Tally, Others & Books

Dear experts,

pls tell me if Company accountant has deducted the tds for 3 qtr. but not deposit the same. so there is no return submitted for 3rd qtr. So pls suggest me company will have submit a return for 3rd qtr. with penalty?

Now company has deposit the above TDS with interest charges 1.5% per month which was deducted for third qtr. but not deposit in the same.

pls suggest me if we didn’t deduct any type of tds then return is necessary for every qtr.?

Dear experts,

pls tell me if Company accountant has deducted the tds for 3 qtr. but not deposit the same. so there is no return submitted for 3rd qtr. So pls suggest me company will have submit a return for 3rd qtr. with penalty?

Now company has deposit the above TDS with interest charges 1.5% per month which was deducted for third qtr. but not deposit in the same.

pls suggest me if we didn’t deduct any type of tds then return is necessary for every qtr.?

Leave a reply

Recent Topics

Related Threads

Popular Discussion

Trending Online Classes

Subscribe to the latest topics :

Search Forum: