Tds query

TDS 421 views 4 replies

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????

Replies (4)

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.

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.

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?

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


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register