Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Related TDS

07 December 2019

Dear sir, Please suggest me about tds if one co-oprative society apply for TAN and the co-operative is working on tally system the co-operative collecting tds from his customer How to treat this transaction and how to enter transaction in tally and which account to transfer the amount?

Reply
Follow
Share

6 Replies

Kapadia Pravin (17249 Points)
Replied 29 December 2019

What exactly is your query ? Please elaborate

RAJA P M ("Do the Right Thing...!!!") (127463 Points)
Replied 29 December 2019

Create Ledger for tds deductions. deduct TDS from customers and account the same in TDS ledger after pay the tds it will tallied...

Any more ask with details..

I'll give guidance to you...

Kapadia Pravin (17249 Points)
Replied 29 December 2019

Which type of Co-operative Society it is ?
Is it Co-operative Housing Society or consumer Co-operative or Credit Co-operative ??

Better you take help of auditor as Accounts are under statutory audit of Co-operative Society Act.

Chetan Vijapur (25 Points)
Replied 04 January 2020

Dear sir, The co-operative society is credit cooprative society we created ledger in the name of tds payble but we collected tds amount from 1st April means 1st quater but currently this is 4rt quarter started TAN No is allocated recently if we paid tds amount of 1st quater late payment will be charged by the CBDT theirfour how to resolve the situation please suggest me..

Chetan Vijapur (25 Points)
Replied 04 January 2020

Kapadia Pravin (17249 Points)
Replied 04 January 2020

Note that society can not deduct TDS without TAN. But now pay TDS amount immediately with late payment interest / penalty and file TDS return immediately with per day penal charges.

By doing above issue may be resolved. Earlier the better. Any deductee can also complain for non-receipt if TDS certificate Form 16A. Deductee will get credit of TDS only when you file TDS return and amount of TDS appears in his 26AS statement.