TDS deducted Amount Not Paid

The publisher is under obligation to deposit the TDS the moment he books it as an expenditure whether actually paid or not.

Hence he is right.

Please answer specific questions asked. I know publisher is right

Resolution for the query:

1- TDS deposition for the TDS deducted is the liability of the deductor and you shall not be concerned about it if he issued Form 16A for it.

2- As the employer has considered its your income for the period of F.Y. 2010-11 then you should take it as your income for the F.Y. 2010-11. 

3- The nature of Income is professional services as it has been considered u/s 194J. Hence you can claim deductions of expenses. But you need to maintain bills and files as section 44AA can be attracted in future. 

If I include my this income in FY 2010-11, my tax liability is more (in 30% range). I was not even aware of this payment till now (as the same has not been paid by the publisher, I got this only after checking form 26AS on income tax site). So do I have to pay the penalty also for balance to tax to be paid?

You do not have to pay any penalty as such.

But you need to remit taxes due after adjustment of TDS. And also some interest may be for not paying advance taxes in proper instalments.

When did your payer issue teh TDS certificate ? You need to pay txes under accrula method of accounting and not cash basis

126782-85000=41782

41782*30%=12535

TDS deducted=12678

TDS less deducted=143 that will be balance tax payable 

But before that check your tax liabilty from other incomes TDS and advance taxes to calculate interest 

As I have explained in my above posts, I got this info after going through my Form 26ASat incometax site while I was about to file my e-return, publisher has neither given me form 16A nor any payment so far, but has has deposited TDS of Rs. 12678/-  after showing an amount of Rs. 126782/- credite  [by  publisher under section 194J on 31-03-2011, with date of booking 16-05-2011]

how to calculate interet on TDS. we have deducted TDS Rs. 35848/- on 26.02.2011 what is interest on 05.06.2011

Originally posted by : rajesh
	As I have explained in my above posts, I got this info after going through my Form 26ASat incometax site while I was about to file my e-return, publisher has neither given me form 16A nor any payment so far, but has has deposited TDS of Rs. 12678/-  after showing an amount of Rs. 126782/- credite  [by  publisher under section 194J on 31-03-2011, with date of booking 16-05-2011]

Payment from publisher is your internal part, where the contractor and contractee has own set of terms of payment,

1) in your records it would be "amount receivable 126782-12678=114104

2) you are eligible to claim your expenses against contract service, but the source would be your own funds for now.

3) you have to file return and claim the TDS deducted on the strength of 16A and 26AS, such income of 126782 would be get added to your taxable income.