Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Tds on salary

bin asma (student) (46 Points)

02 April 2014

a newly formed trust(80G)paid salary in cash to doctor(50000*6month(oct to march)).tds deducted but not deposited.what is the required action..pls help me...how much interest I have to pay?what about return..etc pls help me

Reply
Follow
Share

9 Replies

Deepak Tapse (Accounts Manager - Taxation) (1771 Points)
Replied 02 April 2014

interest is upto date of deduction 1% pm and upo date of deposit 1.50% pm.

Pratik CA Final (Article Assitant) (102 Points)
Replied 02 April 2014

u need to pay interest under sec 200 and then duly file TDS return.Then traces will send you a demand notice under sec 234e and interest payable by you.after deposting the amount so demanded you again need to revise the TDS return

Sunil Singh (Proprietor) (199 Points)
Replied 02 April 2014

Show payment as professional instead of salary

k.gourav (article assistant) (29 Points)
Replied 02 April 2014

Agree with Mr.Deepak

and to Mr. Sunil if we Show professional charges then 194-J will attract

manoj (student) (5205 Points)
Replied 02 April 2014

how they vcan pay in cash above 20000 as professional charge?

Expert (CA) (29 Points)
Replied 02 April 2014

there is as such no prov in income tax act which disallowed salaried u pay on which no tds has been deducted. so return tds money to doctor and show exp in books of a.cs