Rent TDS not paid

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Hitesh (Querist)
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23 April 2008 please clear me

i fail to deduct rent TDS for Financial Year 2007-2008 Rent is Rs.15000/- per month i.e. Rs.1,80,000/- for the year
in this case what can i do.
in F.Y.2007-08 expenses allow or not and still i paid TDS or Not?

Hitesh

Hitesh (Querist)
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23 April 2008 please clear me

R.V.RAO

R.V.RAO (Expert)
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23 April 2008 fortunately rent does not fall under sec 40(a)(i) and hence entire exp. does not suffer disallowance in 07-08.
you can now deduct tds/deposit same/file return/issue tds cert. and tds credit will be allowed to deductee in year of deposit.
penalty leviable for failure to deduct TDS is equal to amount of tax failed to deduct.but penalty not leviable if assessee proves that there is reasonable cause for failure.
R.V.RAO

CA Shailesh +91 9393926464

CA Shailesh +91 9393926464 (Expert)
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24 April 2008 The whole of the expenditure shall be disallowed under sec 40(a)(i).

Rent is also included under the above cited sections w.e.f 01-04-2006

Hitesh

Hitesh (Querist)
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24 April 2008 finaly i want to clear what can i do?

disallowance expenses of 2007-08 for that will pay Income Tax or not.

and if now i pay TDS then expenses allow in this financial year means 2008-09 and what abt interest calculation of TDS and which year i will make challan

Hitesh

Hitesh (Querist)
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24 April 2008 please clear

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