09 May 2014
Hello, One of my client engaged in real estate construction since 2010. They have not dedcuted TDS from non of the payments made by way of salary or contractors payments,etc. At times the payments were also made by cash and through bank payments without TDS.
Now the client wants to adhere to all the applicable acts and laws from this financial year WITHOUT retrospective effect.
Pls suggest whether my client can start adhering to the acts and laws, WITHOUT retrospective effect?
If they start adhering will the IT department raise any concern for the previous years defaults?
If you have any other suggestions or advice on how can he proceed, pls share.
09 May 2014
Jeeth in my opinion ask them to start Business in another concern if they don't want retrospective as with the same firm/concern complying only from current year will not suffice ... Even after that there will be chances of dept. going bk...
starting a new business is not an escape. you need to start complying with the current year to start with. If the department raises any query for earlier years, you need to deal it at that time.
CAclubindia
