Tds
This query is : Resolved
08 October 2014
Hi ALL
It's a Partnership Fim, I hav deducted TDS but not paid of Rs. 15000/-u/s 194j & C. for F.Y. 2013-14,& F.Y. 2012- 2013 Tax Audit Report is already filed.What should i do now ???????
It's a Partnership Fim, I hav deducted TDS but not paid of Rs. 15000/-u/s 194j & C. for F.Y. 2013-14,& F.Y. 2012- 2013 Tax Audit Report is already filed.What should i do now ???????
09 October 2014
Pay immediately with Interest along with Interest on late deposit. Payment for FY 2013-14 will be allowed if paid before due date of filing of return u/s 139(1) which has been extended upto 30.11.2014 for Tax Audit cases.
For FY 2012-13, if disallowed in assessment of that year then the said expenses can be claim in the year in which the TDS is deposited with interest.
Interest applicable @1.5% per month from month of deduction till month of payment.
For FY 2012-13, if disallowed in assessment of that year then the said expenses can be claim in the year in which the TDS is deposited with interest.
Interest applicable @1.5% per month from month of deduction till month of payment.
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09 October 2014
Sanjay Sir
thnx,but the CA has already filed the Return for F.Y. 2013-14 & he doesn't want to revise it,then why to pay the TDS amt???? he has not disallowed the expenses in F.Y. 2012-13 & 13-14 also in the Audit Report.We didn't get any notice from the department for F.Y.2012-13 for non payment of TDS.so he has advised not pay tds for 12-13 & 13-14. Is IT Correct ????
what will be the consequences of non payment of TDS & non disallowance u/s 40(a)???? for which Return is already filed????????????
thnx,but the CA has already filed the Return for F.Y. 2013-14 & he doesn't want to revise it,then why to pay the TDS amt???? he has not disallowed the expenses in F.Y. 2012-13 & 13-14 also in the Audit Report.We didn't get any notice from the department for F.Y.2012-13 for non payment of TDS.so he has advised not pay tds for 12-13 & 13-14. Is IT Correct ????
what will be the consequences of non payment of TDS & non disallowance u/s 40(a)???? for which Return is already filed????????????
09 October 2014
Your CA is adopting the policy of wait and watch. Which even i would have done had i been in your place. The suggestion given by me was from the legal point of view.
If it is detected then a penalty of amount equal to the TDS amount may be levied apart from dis-allowance of the expenditure.
If it is detected then a penalty of amount equal to the TDS amount may be levied apart from dis-allowance of the expenditure.
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