delay in deduction fo tds
This query is : Resolved
yashvi sancheti
(Querist)
02 May 2009
what are the consequences of delay in deduction of tds???????.
Whether such tds deducted before the end of the F.Y. and also deposited with in the prescribed time.
Whether such tds deducted before the end of the F.Y. and also deposited with in the prescribed time.
CA. B.SRINIVASULU
(Expert)
02 May 2009
If tds has been deducted delayedly in the same financial year in which payment is made.
Then only interest is payable and for delay in filing of returns penalty may arise.
If tds has been deducted delayedly by a year. Ie this financial year tds has been deducted in next finanial year
In the year of payment of expenditure expenditure is disallowed.
In the year of payment of tds the expenditure will be allowed. TDs has to be paid alongwith interest. And if huge tds is pending peanalty wil arise.
Then only interest is payable and for delay in filing of returns penalty may arise.
If tds has been deducted delayedly by a year. Ie this financial year tds has been deducted in next finanial year
In the year of payment of expenditure expenditure is disallowed.
In the year of payment of tds the expenditure will be allowed. TDs has to be paid alongwith interest. And if huge tds is pending peanalty wil arise.
CA. B.SRINIVASULU
(Expert)
02 May 2009
If tds has been deducted delayedly in the same financial year in which payment is made.
Then only interest is payable and for delay in filing of returns penalty may arise.
If tds has been deducted delayedly by a year. Ie this financial year tds has been deducted in next finanial year
In the year of payment of expenditure expenditure is disallowed.
In the year of payment of tds the expenditure will be allowed. TDs has to be paid alongwith interest. And if huge tds is pending peanalty wil arise.
Then only interest is payable and for delay in filing of returns penalty may arise.
If tds has been deducted delayedly by a year. Ie this financial year tds has been deducted in next finanial year
In the year of payment of expenditure expenditure is disallowed.
In the year of payment of tds the expenditure will be allowed. TDs has to be paid alongwith interest. And if huge tds is pending peanalty wil arise.
Manmohan ACA, CS
(Expert)
02 May 2009
Agree
taxindiaconnect
(Expert)
02 May 2009
Apart from the disallowance of such expendtiure in your income tax reurn u/s 40a(i) , interest payment u.s 201, penalty u/s 271C a prosecution proceedings may also be initiated u/s 272B of the Income Tax Act 1961.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
