Tds on director's remuneration
This query is : Resolved
19 July 2013
Company has not deducted TDS on director's remuneration. Can we treat it as a salary expense. And if we can not treat it as salary then what will be the penalty or interest that my client has to pay.
19 July 2013
If TDS is not deducted then it is advisable to deduct the TDS amount and deposit the same. Also file/rectify e-tds return.
.
In such a case, employer has to pay simple interest @ 1% per month or part of the month, from the date when the tax amount becomes deductible to the date when the tax is actually deducted.
.
After deduction if the tax is not deposited on or before the prescribed time then interest @ 1.5% per month or part of the month is payable.
.
On late filing of E-TDS return, Late fee of Rs. 200/ day will be payable.
.
In such a case, employer has to pay simple interest @ 1% per month or part of the month, from the date when the tax amount becomes deductible to the date when the tax is actually deducted.
.
After deduction if the tax is not deposited on or before the prescribed time then interest @ 1.5% per month or part of the month is payable.
.
On late filing of E-TDS return, Late fee of Rs. 200/ day will be payable.
20 July 2013
So if I deduct the TDS in July,2013 and deposit it before 7 August then i don't have to pay interest @ 1.5% for not deposited TDS.
20 July 2013
Practically- it is right but I do not advise to do so.
.
As,I can't say- how TDS CPC deal with this matter ?.
.
However, It is advisable to pass the JV for TDS on the date of depositing the tax.
.
.
As,I can't say- how TDS CPC deal with this matter ?.
.
However, It is advisable to pass the JV for TDS on the date of depositing the tax.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- Filling ITR - U
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
