Default of TDS payment????
This query is : Resolved
Guest
Guest
(Querist)
07 December 2010
Dear Expert,
I want to say, due to some reason like holiday of 5 & 6 dec-2010, i cant make a payment of TDS on 7th dec-2010 and i have no money to paid TDS on 7 dec-2010
if i have recd. payment in a/c on 8 dec-2010
and make a payment TDS (8th dec-2010)
What is the impact??????
I have no money to paid TDS on that days???
Regards,
Rahul Sharma
I want to say, due to some reason like holiday of 5 & 6 dec-2010, i cant make a payment of TDS on 7th dec-2010 and i have no money to paid TDS on 7 dec-2010
if i have recd. payment in a/c on 8 dec-2010
and make a payment TDS (8th dec-2010)
What is the impact??????
I have no money to paid TDS on that days???
Regards,
Rahul Sharma
07 December 2010
Mr.Rahul
As you fave failed to pay the TDS amount within the time limit specified for that .
in this case you need to paid interest on tds amount for a months along with the tds amount .
7th is the last date for making payment so from the next time make a provision of the fund to meet statutory obligation .
Thanks
As you fave failed to pay the TDS amount within the time limit specified for that .
in this case you need to paid interest on tds amount for a months along with the tds amount .
7th is the last date for making payment so from the next time make a provision of the fund to meet statutory obligation .
Thanks
Message likes :
1 times
07 December 2010
In the given scenario you will have to pay TDS along with interest on late deposit of TDS @1.5% p.m.
Further Penal proceedings u/s 221 may be initiated. Max Penalty to the extent of TDS amount involved can be imposed by TDS AO if he his not satisfied with the reason of delay.
Further Penal proceedings u/s 221 may be initiated. Max Penalty to the extent of TDS amount involved can be imposed by TDS AO if he his not satisfied with the reason of delay.
Message likes :
1 times
Guest
Guest
(Querist)
07 December 2010
Supoose i have not recd. fund from party in one year...that case i will deposit tds after one year with panalty @ 1.5% pm.
Thanks Sanjay Sir and Shambhu ji
Thanks Sanjay Sir and Shambhu ji
07 December 2010
IT DOES NOT MATTER WHETHER FUNDS RECEIVED FROM PARTY OR NOT. TDS IS DEDUCTED AT THE TIME OF PAYMENT OR CREDIT WHICHEVER IS EARLIER. EVEN IF TDS DEDUCTED ON CREDIT AND PAYMENT NOT RECEIVED FROM PARTY YOU ARE LIABLE TO PAY TDS TO GOVERNMENT ACCOUNT AND IF LATE DEPOSITED YOU WILL HAVE TO PAY INTEREST ON LATE DEPOSIT OF TDS @ 1.5% P.M.
AT BEST YOU CAN SHOW TDS NOT DEDUCTION OF TDS AND CALCULATE TDS ON LATE DEDUCTION @1% (FROM THE DATE OF ENTRY TO DATE OF PAYMENT RECEIVED BY YOU FROM PARTY AND DEPOSITED TO GOVT A/C)
AT BEST YOU CAN SHOW TDS NOT DEDUCTION OF TDS AND CALCULATE TDS ON LATE DEDUCTION @1% (FROM THE DATE OF ENTRY TO DATE OF PAYMENT RECEIVED BY YOU FROM PARTY AND DEPOSITED TO GOVT A/C)
07 December 2010
Mr Rahul this is not an appropriate reason to show that you have not collected fund ,it is result of fault in the recovery system .
SO also give focus on that also so that your have efficient fund at given time
thanks
Mr Rahul this is not an appropriate reason to show that you have not collected fund ,it is result of fault in the recovery system .
SO also give focus on that also so that your have efficient fund at given time
thanks
07 December 2010
Request sanjay to explain the later part of his reply in the above para.
07 December 2010
Ya Mr Sanjay are you mean that entry will be passed as latter date in order to avoid interest ,either that is justifiable in the income tax point of view ,
otherwise if you mean something different plz explain that
Thanks
otherwise if you mean something different plz explain that
Thanks
07 December 2010
@ Taxindiaconnect
Sir it is a small trick.
Rahul is saying he booked the bill and made TDS entry on booking the Bill, but he did not have the money to pay TDS. So to save .5% of interest he can show that he forgot to deduct TDS (provided the bill was not settled) and when he had funds he can deposit the TDS along with interest @1% on late deduction of TDS instead of 1.5% for late deposit of TDS. Also late deposit of TDS will attract penalty u/s 221.
Sir it is a small trick.
Rahul is saying he booked the bill and made TDS entry on booking the Bill, but he did not have the money to pay TDS. So to save .5% of interest he can show that he forgot to deduct TDS (provided the bill was not settled) and when he had funds he can deposit the TDS along with interest @1% on late deduction of TDS instead of 1.5% for late deposit of TDS. Also late deposit of TDS will attract penalty u/s 221.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Import license renewal
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
