TDS NOT DEDUCTED

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2010 WHILE AUDITING YEAR 2009-10, I FOUND THAT ON TRANSPORTER UPTO 30-09-2009, TDS NOT DEDUCTED.
AMOUT PAID RS. 95000/-.

NOW UNDER IT ACT, THIS EXPENSE IS DISALLOWABLE.
BUT IF MY CLIENT DEDUCT TDS & PAID TO GOVT BEFORE SEPTEMBER THAT IS RETURN FILLING.THEN WEATHER THIS WILL BE ALLOWABLE IN 09-10 YEAR NA.

PLS REPLY.

AND NOW TELL ME THAT HOW CAN BE TDS RETURN OG FIRST & SECOND RETURN CAN BE REVISED???

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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24 September 2010 If TDS is deducted and Paid before submitting the return, the expenses will be allowed.

To Revise TDS return,
1. Prepare a correction statement using the RPU software. You require the FVU file of return filed earlier.
2. Add/Modify records as necessary and submit it to the TIN facilitation centres.

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2010 BUT REVISING TDS RETURN IS COMPULSION OR REMAIN IT AS IT IS.

AND REVISING TDS RETURN ALSO HAV SOME PENALTY NA?

HOW MUCH PENALTY .
WEATHER ITS WORTHFUL.OTHERWISE FOR PAYING TAX WE HAV TO PAY PENALY.

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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24 September 2010 If you do not revise the return, the deductee may have problem in taking credit of TDS.

As far as i know, there is no penalty for revising a return.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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24 September 2010 if TDS paid with late payment interest, before ITR date, the the expenses will be allowed.

You have to file the correction statement for TDS return Q1 & Q2 of the last year.

for correction statement , visit:

https://www.tin-nsdl.com/RevisedReturns.asp

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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24 September 2010 No.. revision of return is not mandatory for claiming the expense.

There is no penalty on filing the correction statement.

But, a good business practice suggest that your party must get the benefit of TDS deducted by you. Hence , you should revise the return as soon as possible.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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24 September 2010 if you paid TDS with interest before filling return then you can claim exp and they will be allowed.
you must revised return otherwise party will not get benefit of TDS. that will cause problem.

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