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Tds not deducted

ABHIJIT MANNA (ACCOUNTANT) (447 Points)

04 August 2018

We have a partnership firm and also TAN NO. We paid a HUF of Rs. 48000.00 as interest amount without deduct any TDS. SO there will be any problem?

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6 Replies

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 04 August 2018

kindly tell the nature of payment made to HUF

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ABHIJIT MANNA (ACCOUNTANT) (447 Points)
Replied 04 August 2018

Section 194A as interest

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 04 August 2018

you need to deduct tax on payment

ABHIJIT MANNA (ACCOUNTANT) (447 Points)
Replied 04 August 2018

Sir

I know I have to be payment if I don't so, what will be the penalty or what is the rules for that, I just want to know that.

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 04 August 2018

first of all you are assessee in default for non dedcution of tds..

secondly the 30% of your expenses on which tax not deducted will be disallowed...

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harsha (Article) (208 Points)
Replied 04 August 2018

no problem... file itr of huf by fully disclosing its income incl. this 48000. huf must pay tax on it. then get that certified by a CA that tax is paid by HUF on that amount.