Tds on provision
This query is : Resolved
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 ?
Thanks in Advance
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 ?
Thanks in Advance
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.
To avoid consequence of sec 276B you need to provide reasons that it wasnt done willfully before AO.
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
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Copyright software
- Value of property in capital gain
- When TDS on GST applied
- Annual return in Gst
- FORM 26A APPLICABILITY
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
