Tds for previous year's income
This query is : Resolved
21 September 2011
Can a Company Deduct TDS "from" income of this year "for" income of Previous year?.... Suppose salary from April,10 to March,11 has been paid and no TDS have been Deducted. Now in this month the company suddenly realizes that it ought to have Deducted Tax at source, and Hence TDS for the above period is deducted from the Salary of September11.
Is the Action Tenable in Law,.please explain the provisions, and also the section that guides the provision.
Is the Action Tenable in Law,.please explain the provisions, and also the section that guides the provision.
22 September 2011
Yes it can be done but the company must file the return of the previous year. The should be ready to face the action from the ITO TDS for levy of penalty and interest for non deduction of tax in time and not filing the return in time.
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22 September 2011
Thank you Sir.
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