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Is deduction of tds mandatory for a co-operative housing soc

TDS 839 views 1 replies

I am a member of Avirahi CHS Ltd, Borivali (West). Our society has not deducted TDS on payments made to security agency, AMC contract of lift company since 2008-09 till date.

our Auditor has specified this in his Audit reports in his General Remarks.

when i raised this issue in our 3rd AGM held on 26.08.2012, our society's accountant explained to the members that this is not a serious issue and there is no liablility on the society's part and the issue can be ignored.

Since i am myself from the accounting field i am in the opinion that this is a liabilty on the socity's part.

kindly please guide me on this issue.

Replies (1)

Societyies need to deduct tax at source. In case of failure, interest @ 1% p.m. is chargeable alongwith penalty of 100% of amount of TDS, maximum. 


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