Tds deduction


Assistant Accountant

tds return has not filed yet for the Q4 of f.y.2018-19

but if tds not deducted as stated above, which amount will be disallowed?

 
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whole expense. but since you will be paying it before due date of filing the return of income so no dIsallowance
 
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Assistant Accountant

means if i pay the amount now (short deducted tds) & shown it in tds return of Q4 of 2018-19 the expense amount won't get disallowed?

 
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that's correct
 
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Assistant Accountant

thanks to all the experts for the valuable information.

 
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TDS is to be deducted earlier of (1) when creating creditors by accounting entry or (2) payment made
 
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Hi Rudrayani,

 

First of all whole amount will not be disallowed only 30% of total amount will be disallowed in you don't pay TDS before end of the financial year (presuming you are paying to local vendor)

Second thing, you will need to pay interest under section 201(1A) for short deduction/payment. in simple manner it would be 1.5% of amount of short deduction for 3 months (as you will be filing return and include payment in next quarter hence there is 3 months delay)

 

Let me know if you have any query.


Total likes : 1 times

 
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Originally posted by : CA. Kasi Reddy Nallappa Reddy
Please clarify this payment done on 14/09.2018 is completely different from the payment mentioned earlier.

 

 
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Assistant Accountant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

the thing is we have done tds deduction on payment basis

to break this practice & to start with as per rule-payment or credit whichever is earlier (from f.y.2019-20) i need to close the previous transactions in f.y.2018-19

so whichever suppliers  payments liable to tds deductions are unpaid as on 31.3.19, i will make tds provision on the same & shall deposit tds before 30th april & would show the same in return on Q4 of 2018-19

is it correct?  

 

 

 

 

 

 
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Originally posted by : CA. Kasi Reddy Nallappa Reddy
Please clarify this payment done on 14/09.2018 is completely different from the payment mentioned earlier.

 

 
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