Short deduction of TDS
This query is : Resolved
Rajalakshmi
(Querist)
16 April 2010
Hello All
Request a response for my query.
A nationalised bank fails to deduct tds on salary of an employee, for a particular financial year. They have neither deducted from the employee, nor remitted it to the government. IN the next financial year, they realise their error.
1. Can they deduct from the employee and remit it with interest to the govt, now?
2.How do they account for the entry, in their books?
3.How will they issue form 16? can it include the TDS deducted now?
4.Will this be an issue , when it comes to their statutory audit?
Appreciate all response.
Thank you
Request a response for my query.
A nationalised bank fails to deduct tds on salary of an employee, for a particular financial year. They have neither deducted from the employee, nor remitted it to the government. IN the next financial year, they realise their error.
1. Can they deduct from the employee and remit it with interest to the govt, now?
2.How do they account for the entry, in their books?
3.How will they issue form 16? can it include the TDS deducted now?
4.Will this be an issue , when it comes to their statutory audit?
Appreciate all response.
Thank you
17 April 2010
1) yes
2) Prior period item, interest cost should also be booked though it will not be allowed as it is penaltimate interest
4) Not so, if you are doing white transection.
2) Prior period item, interest cost should also be booked though it will not be allowed as it is penaltimate interest
4) Not so, if you are doing white transection.
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