IMPLICATIONS OF NON DEDUCTION OF TDS

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404 Points Posted on 19 August 2020
What will be the implications of non payment of TDS on rent for the whole financial year?.
I have paid the reduced amount to the landlord.
But , I have failed to pay the TDS amount to the government.
Whether I will be able to claim deduction in the p and l account?
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On 19 August 2020 at 16:56 Report
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This discussion explores the implications of failing to deduct and pay TDS on rent for an entire financial year. It highlights that if TDS is deducted but not paid to the government, 30% of the amount may be disallowed as per Section 40(a)(i) of the Income Tax Act. This disallowance will need to be reported in the ITR under Schedule OI and the full amount must be shown in the tax audit under section 40A(ia).

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59 Points Posted on 19 August 2020
As per section 40ai if tax has been deducted but not paid to the government thn 30% of the amt will be disallowed as pr the provision of IT Act.
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On 19 August 2020 at 17:05
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281 Points Posted on 19 August 2020
It will be disallowed 30 percent in Itr and under schedule OI and full amount need to show in tax audit under 40a(ia)
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On 19 August 2020 at 23:10

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