TDS & PROVIDENT FUND
One of our office clients is a semi government organization. It is actually a board which works in the social sector. It acts as a nodal agency for distribution of government funds to NGO's. They do not have any source of income expect interest from banks on FD's and SB account
My queries are:-
1) Do quasi government organizations like board need to file income tax return. Board does not have any PAN card.
2) Can a TAN number be issued without a PAN number?
3) The board has TAN number under the category government and semi government organizations.
4) The board has not filed TDS return till date, Can the file the TDS return now. If yes what is the penality.
5) There is short deduction of TDS, so will the TDS return be accepted without payment of tax along with the interest.
6) The board has started deducting correct rate of TDS from the FY 2010-11. Is it correct to file the TDS return only from current year and wiat for the income tax department to send notice for the earlier periods?
PROVIDENT FUNDS
1) The board is not registered with the Provident Fund Commissioner?
2) The board maintans a separate bank account for Provident Fund?
3) Board does not contribute any amount for the PF. Employees contribute on adhoc basis.
4) PF monies collected is deposited in FD's.
My question is can it be considered as a statutory PF?
It will be niece if you can provide me source document for my above queries. The management of the board will ask me the source documents.
As an unqualified accountant should i take responsibilty of filing TDS returns of a government organization.
Regards,
Elton
CAclubindia
