Tds receivable can be set off against tds payable (sister co
This query is : Resolved
CA Hardik Patel
(Querist)
29 April 2014
One Of my client doing business as civil contractor in company limited status. They procured unsecured loan from his sister concern. (Whose status is Trust)to whom we are giving interest. For that we have to deduct TDS On Interest.
another issue is that TRUST is running a business of Education and to whom we provided building on rent from whom (i.e. trust )we recive rent income. For that trust is require dto deduct TDS On Rent.
Now problem is that whether we can set off TDS Receivable Of Rent against TDS payable On Intererst.
Plz reply as early as possble....
another issue is that TRUST is running a business of Education and to whom we provided building on rent from whom (i.e. trust )we recive rent income. For that trust is require dto deduct TDS On Rent.
Now problem is that whether we can set off TDS Receivable Of Rent against TDS payable On Intererst.
Plz reply as early as possble....
Nikhil Kaushik
(Expert)
29 April 2014
1. no you cannot set-off tds receivable against tds payable or vice-versa.
2. yes trusts are required to deduct taxes.
2. yes trusts are required to deduct taxes.
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