Short deduction of TDS
This query is : Resolved
16 April 2010
Hello All
Request a response for my query.
A nationalised bank fails to deduct tds on salary of an employee, for a particular financial year. They have neither deducted from the employee, nor remitted it to the government. IN the next financial year, they realise their error.
1. Can they deduct from the employee and remit it with interest to the govt, now?
2.How do they account for the entry, in their books?
3.How will they issue form 16? can it include the TDS deducted now?
4.Will this be an issue , when it comes to their statutory audit?
Appreciate all response.
Thank you
Request a response for my query.
A nationalised bank fails to deduct tds on salary of an employee, for a particular financial year. They have neither deducted from the employee, nor remitted it to the government. IN the next financial year, they realise their error.
1. Can they deduct from the employee and remit it with interest to the govt, now?
2.How do they account for the entry, in their books?
3.How will they issue form 16? can it include the TDS deducted now?
4.Will this be an issue , when it comes to their statutory audit?
Appreciate all response.
Thank you
17 April 2010
1) yes
2) Prior period item, interest cost should also be booked though it will not be allowed as it is penaltimate interest
4) Not so, if you are doing white transection.
2) Prior period item, interest cost should also be booked though it will not be allowed as it is penaltimate interest
4) Not so, if you are doing white transection.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
