E-Tax Deducted at Source

This query is : Resolved

CA.VIMAL KUMAR PANJIYAR (Querist)
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05 March 2008 We are a Ltd. comapany. Wehave not deducted any TDS in Financial Year(FY) 2005-06 and 2006-07 so we have also not filed E-TDS for that corresponding Year. Now in FY 2007-08 we have deducted TDS.Now my question is Whether we have to file E-TDS for 2005-06, 2006-07 and 2007-8 FY or only for FY 2007-08.If we have to file E-TDS for 2005-06 and 2006-07 then penalty of Rs.100/- per day will be levied or not.

reply with reference to sections of IT Act,1961

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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05 March 2008 PENALTY FOR RS100/- PER DAY SHALL BE LEVIED FOR EARLIER YEARS AND THE ASSESSING OFFICER CAN REOPEN THE CASE OF EARLIER YEARS AND ADD BACK THE ALLOWED EXPENSES EARLIER ON WHICH YOU WERE LIABLE FOR TDS

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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05 March 2008 DEAR MR VIMAL,
IF IN EARLIER YEARS, TDS ON EXPNESES IS TO BE DEDUCTED, BUT YOU HAVE NOT DEDUCT, THEN IT MAY BE POSSIBLE THAT AO CAN OPEN THE CASE.
IF IN EARLIER YEARS ,TDS IS NOT TO BE DEDUCTED ON THOSE EXPENSES, THEN NOTHING IS TO BE DONE.

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