The TDS not deducted on rent for the year 2013-14. The rent amount is Rs 60000/- per month.Do there is any provisions to avoid penalties for not deducting the TDS.Or do it is possible to show the lumpsum amount of TDS in the month of march.how could the firm can claim such amount in profit and loss A/c.
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Tds on rent
Replies (2)
Dear Sir,
If you have not deducted TDS yet then do it in this month on the whole amount (full year) and pay intrest also on it . Otherwise in income tax such expenses will be disallowed.
Regards
Sir,
Agreed with above and addition to it you have to pay interst on late deduction at 1% per month..
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