i fail to deduct rent TDS for Financial Year 2007-2008 Rent is Rs.15000/- per month i.e. Rs.1,80,000/- for the year in this case what can i do. in F.Y.2007-08 expenses allow or not and still i paid TDS or Not?
23 April 2008
fortunately rent does not fall under sec 40(a)(i) and hence entire exp. does not suffer disallowance in 07-08. you can now deduct tds/deposit same/file return/issue tds cert. and tds credit will be allowed to deductee in year of deposit. penalty leviable for failure to deduct TDS is equal to amount of tax failed to deduct.but penalty not leviable if assessee proves that there is reasonable cause for failure. R.V.RAO
24 April 2008
finaly i want to clear what can i do?
disallowance expenses of 2007-08 for that will pay Income Tax or not.
and if now i pay TDS then expenses allow in this financial year means 2008-09 and what abt interest calculation of TDS and which year i will make challan
CAclubindia
