Tds deducted but not paid
There is a person who paid licensing fees of 2 lacs to a pvt. company after deducting tds on 15th November 2014. Now they have applied for a partnership firm which will be formed by 29th December.
now as u know the firm doesn't have a TAN so it can't pay tds before 15th January..
Is there any way to minimize penalty & interest..
Replies (2)
The interest cant be avoided for the months of Nov. and Dec. (toatalling 3% of TDS. If the payment is made by 31st Dec. you can avoid intt. for Jan.
The main concern is filing of return.. Since tan no. Is not there so return can't be filed by 15th January.. Any way to remove the penalty under 234
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