Non deduction of tds
Querist : Anonymous
If no tax has been deducted since financial year 2016-17 and even if such expesnse was claimed as business expense in that year without deduction of tds and on this matter no query has been raised by auditor in the financial year 2016-17.But now in the financial year 2017-18 the auditors raised query for this matter.
Then in such case in the financial year 2017-18 it is mandatory to deduct and pay TDS for both year i.e financial year 2016-17 & 2017-18 or it is sufficient if we deduct and pay tax for the financial year 2017-18 only and ignore the tds of financial year 2016-17.
Thanks in advance................
Querist : Anonymous
Querist : Anonymous
Querist : Anonymous
You should contact them and ask them to provide you with the Form 26A which is a form that states that they have received income from you, they have included this income in their accounts and they have offered the same to tax. Once you receive this form you will not be considered an "Assessee in default" however, the interest for non-deduction of TDS from the date on which tax was supposed to be deducted till the date of filing of return by each of your deductees will have to be deposited by you. In case the deductee has not filed the income tax return, you should deduct the tax and pay it. Now you may face an issue for those vendors who were there last year but dont have any billing in the current year. But i think there wont be so many such cases.
This is the best way to go about resolving your non-compliance.
Querist : Anonymous
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