Tds rule of deduction
This query is : Resolved
04 March 2013
we are paying rent 16000/- per month in AY 2012-13 .we have not deducted tds on rent last because it was within limit of deduction. now this year we have not deducted from april to jan because we have paid 16000 per month .Now my CA saying you should deduct on whole year & deposit with interest. because the limit will be cross in march.13.
please advice should i deduct tds on whole amt or balance amt
should i file tds return of 1 , 2 , & 3RD quarter also .
please advice should i deduct tds on whole amt or balance amt
should i file tds return of 1 , 2 , & 3RD quarter also .
04 March 2013
TDS is to be deducted on whole amount....and yes interest also to be paid....
04 March 2013
why i should interest because we have not cross the limit of tds before march.
04 March 2013
The Proviso reads as under -
"Provided that no deduction shall be made under this section where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to, the payee, does not exceed one hundred and eighty thousand rupees"
The words used here are paid or likely to be paid
"Provided that no deduction shall be made under this section where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to, the payee, does not exceed one hundred and eighty thousand rupees"
The words used here are paid or likely to be paid
04 March 2013
Refer 201(1A)(i) which provides that,
if any person does not deduct whole or any part of tax interest is payable as under -
"at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted;"
if any person does not deduct whole or any part of tax interest is payable as under -
"at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted;"
04 March 2013
Mr.Suraj whether TDS return would be revised in this case?
05 March 2013
To my understanding, entire Tax would be deducted in Q4 and the same would be reflected in return of Q4.
Not very sure whether earlier returns should be revised.
Not very sure whether earlier returns should be revised.
05 March 2013
OK i agree that entire tax would be reflected in return of Q4 but while filling the TDS return how the entry would be made of gross amount and TDS deducted...
05 March 2013
Gross amount would be amount paid in Q4 and TDS would be amount deducted in Q4.
05 March 2013
Mr. Suraj i know that in amount paid gross amount and in the TDS column TDS to be entered...this is not my point....i am asking that while entering in webtel software some details to be entered like date,gross amount, and TDS...if in Q4 you would mention amount 192000 and TDS 19200 then what date to be mentioned because only 48000 (16000*3) related to jan-march
05 March 2013
Parul,
Not very sure about return filing formalities.
Not very sure about return filing formalities.
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