Late deduction of TDS
This query is : Resolved
25 February 2010
My client, a partnership firm,has not deducted tax on rent since it started its business on 1st july, 2009.Rent till December has been paid.
Now can it deduct the tax since July and deposit it? What would be the implications?Is interest payable? Are they liable for penal action? What about the TDS returns ralating to Sept & Dec quarter? Since no TDS was actually deducted no question of return. Pls tell me the appropriate way out. Thanks
Now can it deduct the tax since July and deposit it? What would be the implications?Is interest payable? Are they liable for penal action? What about the TDS returns ralating to Sept & Dec quarter? Since no TDS was actually deducted no question of return. Pls tell me the appropriate way out. Thanks
CMA Ramesh Krishnan
(Expert)
25 February 2010
Since you are not deducted up to december, you can deduct now and pay with interest 1% per month or part of month. and file tds return in 4th quarter. if now also you are not deduct up to march then penalty will be the non deducted amount and the rent expenses also disallowed in income tax
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Issuing of delivery challan by seller of goods
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Taxation of crypto futures in India Fy 2026- 2027
- Oct 2025 Invoices
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
