for security services i did not deducted the 2% Tds Amount and Paid the total Amount? presently the security service not working with us ? is there any problem for not deducting tds ? i will show it in returns or not ? Plaese guide me ?
28 May 2014
First of all you need to ensure that wether you need to deduct tds or not... i.e. based on total payment,last year tax audit etc.
If TDS deductible and not deducted then, the security expenditure claimed in profit and loss account will be disallowed. In other words the entire expenditure can not be claimed.
29 May 2014
first of all if you are liabile to dedut the TDs or not if you are liabile then if your payment made exceeds u./s 194C rs. 75000/- is year and single bill rs. 30000/- the you have to deduct the TDs on that service. tds not deducted by you then your expenses will disallow for that year.
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