Not deducted tds on salary

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2015 Dear expert
from the april of FY 2014-15, 24000 Salary was given to one of the employee
but since april mistakenly i have deducted TDS on his salary, can i deduct tds now in march. i am paying him 24000*12=288000/-
no investment details is provided by employee can i deduct on 38000*10=3800/-

also tell me will i have to paid any interest & penalty on this if yes how much i have to pay..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

14 March 2015 Considering the rebate of Rs 2000 only Rs 1800 is deductible. Check for pf deduction or ask for any investment details so that you can avoid TDS.
If he has filed the return and paid taxes due obtain a certificate from his CA so that you can avoid TDS.

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2015 DEAR SEETHARAMAN SIR.
MY COMPANY HAS TAKEN SERVICE FROM TWO DIFFERENT ARCHITECT.THE FIRST ARCHITECT HAS GIVEN THE BILL OF RS 50000 ON 15/3/2015, AND PAYMENT WILL BE MADE TO HIM IN APRIL,
AND THE SECOUND ARCHITECT SERVICE RS 50000 BECOME DUE ON 31/3/2015,

MY QUERY IS. IN MY FIRST QUERY WHICH DATE IS TO BE CONSIDER FOR TDS DEDUCTION IN TDS STATEMENT WHETHER 15/3/2015 (BILL DATE) OR 31/3/2015,
AND IN MY SECOUND QUERY THE SERVICE WILL BE DUE NEITHER BILL RECEIVED NOR PAYMENT GIVEN TO HIM. IN THIS CASE WHETHER TDS IS TO BE DEDUCT OR NOT IF YES WHICH DATE WILL BE CONSIDER IN TDS STATEMENT.

PLEASE REPLY SOON

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

21 March 2015 You have to consider only 31/3/2015.

If service done before March liability for TDS arises irrespective of receipt of bill and payment, if you create liability in books of accounts in March.

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2015 RESPECTED SIR
THE ARCHITECT HAS GIVEN THE BILL ON 15/3/2015, IN THIS I WANT TO KNOW ON WHICH DATE TDS IS TO BE MADE & CREDIT TDS LIABILITY IN OUR BOOK OF ACCOUNTS. WHETHER 15/3/2015 OR 31/3/2015, AND WHICH DATE IS TO BE CONSIDER IN TDS RETURN,

I DO REQUEST YOU TO EXPLAIN IT IN DETAILS PLZ...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

21 March 2015 You can consider 31/3/2015 or payment date which ever is earlier in TDS return.
Bill date is irrelevant.
As per the provisions of the Income tax Act TDS liability arises either on payment date or on liability creation date which ever is earlier.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now