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Tds on rent

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This query is : Resolved

yashpal saroha (Querist)

26 July 2014 assessee: partnership firm building taken on rent fy 2013 -14 monthly rent: 60000. tds deducted 6000pm. problem not deposited any tax till nw. what are the various interest and penalty and amount as on today. however from the fy2014-15 assessee convery partnership into propritorship. any tax planning for it. thanks for all of u in advance.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

26 July 2014 Interest on delayed payment of TDS will have to be paid @1.5% per month of the TDS amount. Penalty of Rs 200 per day from the due date till the date of filing of Return subject to maximum of amount of TDS involed will also be required to be paid for late filing of TDS Return.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

26 July 2014 For proprietorship firm TDS not required to be deducted if the file was not subject to Tax Audit in the previous Financial Year.

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