03 January 2014
We had Paid the TDS on provision entries on 31 march. Lets say we made an provision for Audit fees 1 Laks & Paid TDS after bill Actual Bill is Rs. 1,20,000 .
Now is short TDS paid on provision shall be paid with interest ?????
Any view to Share about TDS treatment on this Bill ?
03 January 2014
Yes you have to deposit TDS on the provisions with interest. If you do not deposit the TDS within 12 months with interest then provisions of 276B can also be applied and then you have to go for compounding of offence otherwise prosecution provisions are there.
04 January 2014
Int is applicable for late payment. To avoid consequence of sec 276B you need to provide reasons that it wasnt done willfully before AO.
CAclubindia
