Tds deducttion

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Mansi (Querist)
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04 July 2012 I paid 112500/- through 2 cheques in june 2012. I forgot to deduct TDS from him. Now that person is not picking up a phone also.
now it is our loss or what? what action I have to do.
thanks in advance

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 July 2012 If he does not give you the TDS amount back its your loss as you will have to pay it from your own pocket and in case you do not quote the PAN of that party you will have to deposit 20% TDS from your own pocket.

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Mansi

Mansi (Querist)
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04 July 2012 No other way to show this payment in my books, to avoid this loss?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 July 2012 No other way since you have made the payment by cheque and party is not co-operating you.

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