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Tds query

Govind Rathore (CA Final) (543 Points)

19 November 2013

My Question is... A store started operation in a shopping mall from 01-08-2012. Its Paying Rent and utilities bill of Rs.350000 pm. But it has not Deducted TDS till date (30-10-2013) Can TDS be deducted for the period 01-08-2012 to 31-03-2013 and 01-04-2013 to 30-10-2013. and remitted now?

Any other option????

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4 Replies

V.MASTHANVALI (ACCOUNTS EXECUTIVE) (89 Points)
Replied 19 November 2013

You can deduct and remitted tds and it will impact late payment charges @ 18% and the same will impact you land lord to file revised it-return for the a.y 13-14.

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kamal sharma (CA Practice ) (24 Points)
Replied 19 November 2013

If you have not deduct the tds then such expenditure will not be deductible u/s40(a) for the purpose of your tax audit of relevant financial year however in subsequent year if you deduct the TDS with interest panalty of 18% PA then such expenditure is allowed for deduction. therefore you have to deduct the TDS in current year as well as for previous year and also revised your TDS returns accordingly.

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Govind Rathore (CA Final) (543 Points)
Replied 19 November 2013

The Store was not subject to tax audit for fy 2012-13, so can i deduct tds today and calculate interest @ 18%p.a and remitt to department.

Is there any other interst penalty for the same?

Saveetha (Accounts cum Operation Manager) (21 Points)
Replied 20 November 2013

I have query for TDs. I received rental invoice for the month of Oct'13.Date of invoice is 26.10.2013 but the due date 25.11.2013 only for payment to landlord. In this case I have to pay tds after payment to landlord or I have to pay the same when I received the invoice. Please clarify me