tds on nbfc

This query is : Open

CA Keyur Shah (Querist)
Follow

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/

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Santosh Behera

velichety.l.narasimharao

nilesh

CA Jyoti Singh

Sagar Khakhiwala

Subscribe Now

tds on nbfc

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANCY

Accountant

Manager- Finance and Compliance

GST CONSULTANT

Senior Executive