Tds on commission
This query is : Resolved
25 July 2013
Hello All
I have received a commission on sale of immovable property in March 2013 for Rs5L, but the co has deducted TDS but not deposited for Rs50000/- till date. I have to file my return. Kindly advise how to show the transaction in the return. Can I show Rs450000/-? If I don't show the amount of commission in the return, what will be the consequences of this as per income tax.
Kindly advise.
Regards
Sanjay
I have received a commission on sale of immovable property in March 2013 for Rs5L, but the co has deducted TDS but not deposited for Rs50000/- till date. I have to file my return. Kindly advise how to show the transaction in the return. Can I show Rs450000/-? If I don't show the amount of commission in the return, what will be the consequences of this as per income tax.
Kindly advise.
Regards
Sanjay
25 July 2013
IF U WANT TDS CREDIT THEN FIRST THE CO. SHOULD PAY THE AMOUNT DEDUCTED AS TDS TO CENTRAL GOVT.
U HAVE TO SHOW GROSS AMOUNT 5,00,000 AND TDS ONLY IF THE CO DEPOSIT BEFORE 31.3.2013 THEN ONLY U CAN SHOW IT IN YOUR TDS SCH IN ITR-4.
U HAVE TO SHOW GROSS AMOUNT 5,00,000 AND TDS ONLY IF THE CO DEPOSIT BEFORE 31.3.2013 THEN ONLY U CAN SHOW IT IN YOUR TDS SCH IN ITR-4.
25 July 2013
CONSEQUENCE FOR NOT SHOWING THIS INCOME IS PENALTY IS LEVEIABLE U/S 271(1)(c) which is 100% - 300% of income sought to be evaded.
on 5lkh max penalty can be 15laks.
better to file retrn to avoid penaty.
on 5lkh max penalty can be 15laks.
better to file retrn to avoid penaty.
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