hi friends,
when the payment made to contractor exceeds Rs 50000/-,tax should be deducted on these exp retrospectively.
If this payment exceeds Rs 50000/- in August & tax was deducted in october & paid to Govt in November then is it necessary to disclose it into tax audit under "tax deducted late"?
Yes, U have to disclose in tax audit report dat TDS to be deducted in August is late deducted as well as late paid.
Dear Prachi,
Amit has rightly said that it has to be disclosed in tax audit report..Further make sure that the assessee has deposited interest @ 1% per month on late payment..
Thanks Amir..
1% Interest should paid on the late paid of tax and it's mandatory to show the deducation of tds or paid of tds amount everything in audit report.
amir is right.......................
CAclubindia
