tds on nbfc
This query is : Open
18 July 2011
company have not deducted tds on nbfc in last 2 year. now i want to deduct and give effect in a/c as well as taxation. what is the remedy/
19 July 2011
Keeping the fact in the mind that the NBFC must have filed its return for the relevant years , it is better to start TDS from the year of which return is yet not filed. You will get the full amount repaid by the NBFC. Otherwise the TDS amount may not be refunded to you.
In any case, if however you want to deduct the tax, deposit the amount with interest @18% p.a. and show in Quarterly TDS Return.
From the accounting point of view, you can debit the amount of TDS to the NBFC related with the years to which the NBFC agrees, otherwise treat it as an expenses disallowable under the IT.
In any case, if however you want to deduct the tax, deposit the amount with interest @18% p.a. and show in Quarterly TDS Return.
From the accounting point of view, you can debit the amount of TDS to the NBFC related with the years to which the NBFC agrees, otherwise treat it as an expenses disallowable under the IT.
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