Tds rule of deduction

This query is : Resolved

Nilesh (Querist)
Follow

04 March 2013 we are paying rent 16000/- per month in AY 2012-13 .we have not deducted tds on rent last because it was within limit of deduction. now this year we have not deducted from april to jan because we have paid 16000 per month .Now my CA saying you should deduct on whole year & deposit with interest. because the limit will be cross in march.13.

please advice should i deduct tds on whole amt or balance amt

should i file tds return of 1 , 2 , & 3RD quarter also .

CA Parul Saxena

CA Parul Saxena (Expert)
Follow

04 March 2013 TDS is to be deducted on whole amount....and yes interest also to be paid....

Nilesh

Nilesh (Querist)
Follow

04 March 2013 why i should interest because we have not cross the limit of tds before march.

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
Follow

04 March 2013 The Proviso reads as under -

"Provided that no deduction shall be made under this section where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to, the payee, does not exceed one hundred and eighty thousand rupees"

The words used here are paid or likely to be paid

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
Follow

04 March 2013 Refer 201(1A)(i) which provides that,

if any person does not deduct whole or any part of tax interest is payable as under -

"at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted;"

CA Parul Saxena

CA Parul Saxena (Expert)
Follow

04 March 2013 Mr.Suraj whether TDS return would be revised in this case?

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
Follow

05 March 2013 To my understanding, entire Tax would be deducted in Q4 and the same would be reflected in return of Q4.

Not very sure whether earlier returns should be revised.

CA Parul Saxena

CA Parul Saxena (Expert)
Follow

05 March 2013 OK i agree that entire tax would be reflected in return of Q4 but while filling the TDS return how the entry would be made of gross amount and TDS deducted...

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
Follow

05 March 2013 Gross amount would be amount paid in Q4 and TDS would be amount deducted in Q4.

CA Parul Saxena

CA Parul Saxena (Expert)
Follow

05 March 2013 Mr. Suraj i know that in amount paid gross amount and in the TDS column TDS to be entered...this is not my point....i am asking that while entering in webtel software some details to be entered like date,gross amount, and TDS...if in Q4 you would mention amount 192000 and TDS 19200 then what date to be mentioned because only 48000 (16000*3) related to jan-march

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
Follow

05 March 2013 Parul,

Not very sure about return filing formalities.

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