Tds deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2014
Mr. A is a director of ABC Ltd from 2012-2013 from where he is getting a remuneration of 50000 pm.The company has booked the salary expense of 600000(50000*12) in its books but has not yet paid the amount to the director nor has the company deducted the TDS on it.Mr A has not filed his IT return till now for FY 2012-13.Since tds on salary is deductible on payament basis, the company is now( March 8,2014) planning to deduct TDS and pay salary to the director.After getting his form 16,Mr.A will file his IT return for FY 2012-13.Does the company is liable to pay any interest or penalty on such deduction of TDS.
09 March 2014
the company should not be liable for the interest part. you make the payment now, deduct TDS at the rates prevailing for AY 2014-15. The director, who has not filed the return till now, can include the same in current year' tax return on receipt basis.
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