05 April 2012
SIR... A Pvt Ltd Company was formed in March 2011. Now, it did not apply for TAN No. However, while paying Rent of Rs.80000 each month to a person, it deducted 10% TDS i.e. it paid only 72000. It has now applied for TAN no. in April 2012. Obviously, since TAN no. was not obtained, it hasn't paid TDS, hasn't filed TDS returns and hasn't issued TDS Certificates. Now, I want to ask the following regarding the above: 1) Can it now issue TDS Certificates for the Financial Year 2011-12 even though it did not have TAN no. in that year? 2) What will be the penal consequences?
05 April 2012
The company is a defaulter in applying for TAN as per Sec 203A of the I.T.Act read with Rule 114A. Howsoever, it can and rather to say it should file quarterly TDS returns for the respective quarters after depositing TDS alongwith interest @ 1.5% p.m. Thereafter TDS certificates can be issued. The penal consequences remains on the descretion of the Assessing Officer.
CAclubindia
