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Non deduction of tds

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harsh malpani

prop

32 Points Posted on 30 September 2017

WE ARE MANAGING A TRUST WHICH HAS STARTED THE SCHOOL FROM F.Y. APRIL 2017 ONWARDS. BEFORE STARTING THE SCHOOL WE HAVE TAKEN A PROFESSIONAL CONSULTANCY FOR ADVICE ON MANANGING SCHOOL .INITIALLY THE PAYMENTS FOR CONSULTANCY WERE DONE FROM MY PERSONAL ACCOUNTS. THEN FROM JUNE 2016 TO FEB 2017 PAYMENTS FOR CONSULTANCY @ 75000 PER MONTH WERE DONE FROM ACCOUNT OF TRUST PER MONTH. TOTAL PAYMENT IN PREVIOUS YEAR FROM TRUST WAS 675000 + TAXES(SERVISE/CESS). BUT DUE TO SOME MISTAKE I APPLIED FOR TAN FOR TRUST IN THE MONTH OF MARCH 2017. (21 MARCH) AND I RECD TAN IN APRIL.

NOW I WNAT TO KNOW THE CONSEQUENCES SINCE I HAVE NOT DEDUCTED TDS IN PREVIOUS YEAR.

IS THERE ANY RELIEF SINCE I WAS NOT HAVING TAN NO.

THE CONSULTANCY HAS SHOWN THE PAYMENTS DONE IN PREVIOUS YEAR IN THEIR INCOME.

AS OF NOW SINCE I AM CONTINUING WITH CONSULTANCY I HAVE STARTED DEDUCTING TDS FROM THIS YEAR ONWARDS.

PLEASE ADVICE

THANKS

Replies (3)

Yash Chawda

304 Points Posted on 30 September 2017

If you deduct such amount in current year and deposit to the govt in current year so i think you can claim you exp (business expenses point of view )

Yash Chawda

304 Points Posted on 30 September 2017

how you file such return i also dont know

Lovepreet Singh

Army of Final War

115 Points Posted on 01 October 2017

if you have deducted TDS even after 31st march , deposited the same with interest and filed the return in form 26Q with any Levy if filed after 15 of may, then u can claim such expenditure ( becoz u have deposited the tax before filing of return for that AY.)