01 June 2018
Hi Friends, Our company has made a foreign payment,which is liable for TDS. But we have not deducted the TDS amount from the party and we have paid TDS by reverse calculation method (considering that actual paid amount is 90%) The said TDS amount is Rs. 2lakhs and this payment was made in June and if we file TDS return now i.e., 01/06/2018, we will face penal provision of Rs.200/day = Rs.64,000(app) since we have paid TDS only for Compliance of I.T.Act. Now we don't want to file the return,because any way Deductee will not ask for any TDS certificate. Please advice me on the following and are there any consequences of the same.
01 June 2018
234E fees will keep increasing till it hits 2 lakh. plus penalty of upto 1 lakh can be charged under 271H. Since you have deducted and paid TDS, government anyway know that you are liable for filing the return.
CAclubindia
