Tds not deducted on intt.on car loan from private financer
This query is : Resolved
11 April 2014
Sir,
One of my client(Partnership Firm) have a car loan from Audi Finance. During the FY 2013-14 he did not deducte any TDS on interest paid i.e. paid full instalment without deducting any TDS.
Now What are the remedies available.
a) He should not deduct any TDS?.
or
b) Deduct TDS on all FY from April-13 to March-14 monthwise and deposit with interest and revise TDS return??
Plzzz advise ASAP so that we could file our Q4 TDS retun in time.
One of my client(Partnership Firm) have a car loan from Audi Finance. During the FY 2013-14 he did not deducte any TDS on interest paid i.e. paid full instalment without deducting any TDS.
Now What are the remedies available.
a) He should not deduct any TDS?.
or
b) Deduct TDS on all FY from April-13 to March-14 monthwise and deposit with interest and revise TDS return??
Plzzz advise ASAP so that we could file our Q4 TDS retun in time.
12 April 2014
if partner ship pay intt. more than Rs. 5000/- in a year
then you have to deduct tds @10%
you can deduct the tds on dt 31.3.2014 and file the return of iv qtr of 2013-14
otherwise you have to revise all the return and deposit the tax with intt. @ 1.5 per month or part of the month
then you have to deduct tds @10%
you can deduct the tds on dt 31.3.2014 and file the return of iv qtr of 2013-14
otherwise you have to revise all the return and deposit the tax with intt. @ 1.5 per month or part of the month
13 April 2014
Thanx a lot Sir,
Kindly help further
If we deduct TDS on 31-03-14, IS there any chances to add back our expenditure of intt. Paid on car loan as we did not deduct TDS on monthly basis?.
What are the provision to deduct TDS on Intt.on car Loan from Private financer(It is more than 5000/-)
a) Is it compulsory to deduct on monthly basis or
it is optional to deduct either monthly or annually.
Kindly help further
If we deduct TDS on 31-03-14, IS there any chances to add back our expenditure of intt. Paid on car loan as we did not deduct TDS on monthly basis?.
What are the provision to deduct TDS on Intt.on car Loan from Private financer(It is more than 5000/-)
a) Is it compulsory to deduct on monthly basis or
it is optional to deduct either monthly or annually.
17 April 2014
Dear Rupesh Jain Sir,
Plzzzzzz reply
Plzzzzzz reply
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