TDS

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CA Anesh Patil

CA Anesh Patil (Querist)
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25 March 2009 I have not deducted the TDS for the whole year . what can I do now

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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25 March 2009 Expenses are disallowed for non dedcution of TDS.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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25 March 2009 If the TDS amount is not deposited by the required date, then for each month you must add an interest equal to 1% of the TDS amount. Even if the delay is by one day, you will pay one month's interest.
If the TDS return is not filed by the due date, there is a penalty of Rs. 100 per day subject to maximum limit equal to the TDS amount.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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25 March 2009 Penalty under section 271C of the Act for failure to deduct tax at source may also charged

Ravi Chandra Prakash

Ravi Chandra Prakash (Expert)
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25 March 2009 If still you have balance payments to be made to those parties, stop payments and recover from them. The option available is increase the exp. to the extent of TDS part, make TDS payment with interest and file returns. In this way , with an outflow extra exp. you can avoid the disallowance.Still there is a scope to get disallowance, there you have to take chance and try your luck (ofcourse it depends upon how you manage the show)

CA Anesh Patil

CA Anesh Patil (Querist)
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30 March 2009 Thank for reply

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