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Tds on salary
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
Replies (9)
interest is upto date of deduction 1% pm and upo date of deposit 1.50% pm.
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
Show payment as professional instead of salary
Agree with Mr.Deepak
and to Mr. Sunil if we Show professional charges then 194-J will attract
how they vcan pay in cash above 20000 as professional charge?
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
@ urvashi im also thinking of doing that..but I want comfirmation from other experts too
Thanks all the replyrs
U should ask other income from dr if his net taxable income after deduction is below basic exemption limit..then no need to deduct tds.
Agree with Mr. Anil
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