Suppose a co. receives a bill on whichTDS applicable u/s 194 C on 31/8/2012 and 31/12/2012 but failed to deduct TDS
But on 7/2/2013 co. Deduct TDS and deposit TDS with Interest.
Is it Right???
CA Gaurav Ajit Potdar
(Chartered Accountant)
(846 Points)
Replied 04 February 2013
Yes it is Right if u hv deducted TDS which u hv earlier failed to deduct & paid it along with interest within due date for filling income tax return.the expenditure neednot be disallowed.
Natesh Navada
(Chartered Accountant)
(149 Points)
Replied 05 February 2013
Absolutely right untill Department gets its share of tax and interest.
vishwanath
( )
(46 Points)
Replied 05 February 2013
yes company has to deduct it on 07/02/13 but since it was to be deducted on 31/08/12 & 31/12/12. u have to pay a interest @ 1% of amount from 31/08/12 and 31/12/12 to 07/02/13 i.e for 7 months and 3months repectively
for more details refer https://www.simpletaxindia.net/2010/04/late-deposit-tds-pay-interest-15-pm.html
summary of provision
Anil Dandu
(CA FINAL)
(205 Points)
Replied 05 February 2013
yes it is right.but interest is 1% for month or part of the month will be charge for late return.
CA suyash shah
(job)
(22 Points)
Replied 09 February 2013
yes it is right as co. afterward deduct tds and pay along with interest......
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