TDS queries

 

1)What are penal consequences of revising a TDS RETURN?

2)Company has delayed payment of requisite TDS after due date and interest as per sec.201(1A) is calculated at the end of feb. for the period from april to jan.so we have to paid calculated interest quarterly or total interest payment at the end of year.?

3)As per sec.194i TDS to deducted when credit is given or payment made whichever is earlier.But in most of cases company does not receive bill for rent  by that owner so no credit is given. Accordingly,if a co. makes payment for the april and so on in august ,September so on  i.e. after 90 days.Then TDS have to be deducted in which month and  due date of TDS payment of April moth rent will be on May 7 or Sept.7 (after payment in august).

 

Replies (2)

Dear Arvind,

Be clear about what you want. Narrate the situation properly and then link it with the Income Tax Act.

Non payment  of TDS on time and non filing of TDS Return has penal action and is mentioned in TDS Section. These compliances will also affect in getting certificate for lower dedcution of Tax, if at all the company has applied for it.

Tds section is clear that tds is due on pament or credit which ever is earlier.Rent is accounted on payment basis instead of accrual method.So You need to deduct tds at the time of payment.

Rgds./Nitesh

 

 

Originally posted by :Nitesh
" Dear Arvind,
Be clear about what you want. Narrate the situation properly and then link it with the Income Tax Act.
Non payment  of TDS on time and non filing of TDS Return has penal action and is mentioned in TDS Section. These compliances will also affect in getting certificate for lower dedcution of Tax, if at all the company has applied for it.
Tds section is clear that tds is due on pament or credit which ever is earlier.Rent is accounted on payment basis instead of accrual method.So You need to deduct tds at the time of payment.
Rgds./Nitesh
 
 
"

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