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Tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 October 2013 I have taken a Vehicle Loan From magma Finance and paid Rs 65000 in FY 12-13 as Finance Charges, I have not deducted and made any TDS as I was of misconception that TDS is not reqd to be made on Charges paid to Financial Institution and I have Claimed it as expenditure also. Now my accounts have been audited and even return has been filed. What are the options left to me and what are the chances of Income Tax department detecting the error
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@VaibhavJ

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@VaibhavJ (Expert)
18 October 2013 Hi

Chances are high since same will be disallowed under tax audit.

Thanks//VaibhavJ

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