Tds not deducted

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RAJ KUMAR

FINANCE MANAGER

682 Points Posted on 11 December 2012

HELLO FRIENDS, PLS. TELL ME MY CLIENT IS MAKING PAYMENT OF EMI EVERY MONTH FROM APRIL HE HAS GIVEN ADVANCE POST DATED CHEQUES. THERE IS A LIABILTY FOR DEDUCT THE TDS ON INTERST BUT HE HAS NOT DEDUCTED TDS NOW PLS. HELP ME CAN I DEDUCT THE WHOLE TDS NOW FOR 8 MONTHS PAYMENT IS ALREADY MADE. CAN I ISSUE FRESH CHEQUES OR NOT

PLS. HELP ME.

THANKS.

Replies (4)

CA CS Chirag

Practicing CA

645 Points Posted on 11 December 2012

you can deduct and pay TDS for whole period now, but interst will be charged for late deduction as well as for late payment

CA Pintu Mishra

Chartered Accountant- Industry

276 Points Posted on 11 December 2012

yes you can deduct tds now and pay the party amount after reducing the tds figure at present and while paying the tds pls make sure that you are paying tds for every quarter with different challan so that it would be easy when you file tds quarterly return. !st quarter amount of tds with one challan and 2nd qtr tds amount with another challan and third challn for oct and nov.

sudhir munjal

Student

44 Points Posted on 11 December 2012

provide information regarding payee to whom the interest is paid..bcoz if intrest is paid to banks, financial corp, gazated institution etc..thr s no need to deduct tax. . However if thr s a liability and u hv nt deduct tax. .than deduct it nw nd deposit it wid 1.5% intrest per mnth. .

Anjani Kumar

Manager

109 Points Posted on 11 December 2012

Mr. Raj Kumar

There is once chance i.e. you can make TDS payment from companies money and after completion of ETDS you can make a letter to that party about TDS deduction and payment to government account Then they will verify their 26AS and after confirmation of TDS amount Credit in their account they can reduce your loan to that extent from your Principal amount

If you approach in this way , you may get benefit

Friends if i am wrong please correct me...