We have deducted the TDS on rental for the FY 2008-09,TDS we have deducted from the rent as per rules however we have not paid the TDS to govt due to fund problem, howeever the rental owner has adjusted the TDS deducted by us to rental advance given by us and he has filed his IT return on 30th sept 2009. Now what is the provision for such TDS. 1. Whether TDS dept will recover the Same from us. 2. If we pay TDS and given Form16A to owner he is not ready give the refund of TDS amount. 3. whether it will be treated as non deduction and what will be the consiquances. 4. How to takle this issue from TDS and IT Assessment point of view.
09 February 2010
you have to give interest on late payment of TDS. if you will not issue form 16A and refund the money then expense can be disallowed as you didn't deduct and deposit TDS.
CAclubindia
