Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2018 A private limited company, have not deducted & deposited TDS on various sections, for the whole of the FY 2017-18. Now, I am doing statutory audit of this co., plzz suggest me what remedies I can take now...

Sandeep Dharar

Sandeep Dharar (Expert)
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06 April 2018 Penalty may b imposed by IT department if the company fulfils all the conditions for TDS deduction but fails to deduct TDS. U may ask the company to pay all the tax amount with interest (if applicable) and to adjust the amount from future bills of the related vendors.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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06 April 2018 You have to ask the co. to deduct TDS wherever applicable, if it didnt deduct TDS you have to disallow the expenses.
30% in case of payment to Indian Resident & 100% in case payment made to NRI disallowed.