please help in trouble........

I have client wose has interent comission of Rs. 18 lakhs in fy 2007-08..

but didnt pay deduct any tds.The It was filed last year by a CA by Providing Rs. 7.5 lakhs as provision on liability. but the amount of tds amounts to around. Rs 2 lakhs.so the payment was around 5.5 lakhs in excess.

now can i adjust last years payment wid this years payment.coz he has come here just a few days back and due date is 30th sept,2009 for fy 2008-09.

also he allowed that 18 lakhs internet commision as an expense last year..

please reply...

this year tooo he has not deducted ne tds so should i have to make provisiopns this year also...

please reply as soon as poissible.........

Replies (5)

please provide the complete Details .
write clearly, wht is the problem & wht u wnt to do ?

Originally posted by :CA.Parsun Garg
" please provide the complete Details .
write clearly, wht is the problem & wht u wnt to do ?
"

i want to file his IT return before 30 th Sept.
 

the problem is his tax u/s 194 H has been paid of Rs.7.5 lakhs without ne name by the CA for  A Y 2008-09 where the TDS only amounts to around Rs.2.5 Lakhs.

now this yuear too he has not deducted tax nd his interent comission paid amount6s to around Rs.18 Lakhs. so can i file his tds in the last quarter and adjust this years tds amount with the excess of last year....

please rteply as soon as possible.plzzzz.

Current year tax liability cannot be adjusted with previous year excess payment of TDS. U can claim refund of TDS of F.Y.2007-08 and if no return claimed in previous year return a revised return in this regard can be filed.

First of all u can not take set off with last yrs excess deposit, so file this year return by 30th sept. 09.

If the TDS has not been deducted & nor has not been paid the expense of internet commission will not be allowed against income.

But if u want to claim the expense then you have to deduct & pay the TDS with interest before 30th Sept. 09.

Important thing is that the TDS which you deduct & pay now should appear in the books as liability as of 31/03/09.

Second thing if Tax Audit is also applicable to ur client then this non-payment should come under section 43B & u hv to shw that the unpaid liability of TDS is paid before filing of return i.e. before 30/09/09 thru this you can claim the current year expenditure.

Now for Last year youc can file the revised return & claim ur excess payment as refund.

Originally posted by :Ratan Deep Saxena
" Current year tax liability cannot be adjusted with previous year excess payment of TDS. U can claim refund of TDS of F.Y.2007-08 and if no return claimed in previous year return a revised return in this regard can be filed. "


 

But the paymentt for the TDS was made on 22/12/2008 for th Ay 2008-09.....

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Topics :

Loading
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
ARTICLESHIP 07 September 2026
CA Articles

Kothari Jain Patil & Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details