Failure TDS - Form 15

This query is : Resolved

balasundaram (Querist)
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13 March 2008 Our organizations 1. Proprietor 2. Partnership firm 3. Joint Venture 4. Company

1) If failure to TDS with in time, up to how many days/months we can pay with interest.
When the expenditure will be added to Profit (I mean when the expenditure will be disallowed) and what is the Rate of Interest on TDS

2) If we will have receive the Form 15H/15G up to how much amount we can receive the Form 15H/15G and what is the required data collect from Party (amount Receiver)

3) Please specify the appropriate form for following

If party (amount receiver) is an Individual / HUF
If party (amount receiver) is Firm
If party (amount receiver) is Company
If party (amount receiver) is AOP

4) please Specify the Do’s and Don’ts for receipts of above forms

Thanking you sir
With regards
Balu

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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19 March 2008 form no 15G is given by individual only
form no 15H is given by sinior citizen only
ig interest is given to above person then you will take the above form and submitted to the income tax office before
31st March and if nett income is below taxable then it is submitted
if you are deducted tds on any amiunt then you will be liable to deposits the
same amount with in seven days from the end of the month ohterwise interst is charged @ 1% from the liabilty u/s 201(1A)

if the firm is propriator and total turnover/gross receipt is less than 40 lakhs/ 10 lakhs then no tds provision is applicable