late deposit of TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2010 one firm made payment to a company of Rs.1000000 (ten lac) in may 2007 w/o deducting TDS. what will be the consequences now & how it will be resolved. The case is under scrutiny.

Srikant

Srikant (Expert)
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25 June 2010 Without TDS the whole amount is going to dis allowed in Income tax and will be allowable only when TDS is deposited in Govt A/C.

So if TDS is not yet deposited, Ask them to deposit the same from their end and adjust it accordingly with the Party.

But ensure that this should be done before Filling of Return of Income. ok