Tds not deducted

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Himanshu Sharma (Querist)
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07 April 2018 one invoice issued by ABC CO. to us on A/c of SOFTWER (ON CONTRACT) partialy of Rs. 150000/- and till now we paid Rs. 150000/- to them and by mistake we forgot to deduct TDS, now,we hv not deducted TDS and also paid the full amount to ABC CO. please guide what we do next. please provide me solution as soon as possible

Guest

Guest (Expert)

07 April 2018 First, you need to deposit TDS with interest. Then you can issue a debit note to the vendor for recovery of excess payment.
Or, take the longer process of taking form 26A from the vendor.

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Himanshu Sharma

Himanshu Sharma (Querist)
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14 April 2018 I have already deposit Tds with interest but not raise a debit note to vendor, bcus vendor wind up their business. so what i do i do the Tds amount which we deposit from own pocket & entered in cash in our accounts books so that our account are tally. is that right way or not.

thank you so much Mr. Manish

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Guest

Guest (Expert)

14 April 2018 Then the tax deposited is your expense. Show it in your profit and loss account. However, you can not claim its deduction in profit calculation for income tax.

Himanshu Sharma

Himanshu Sharma (Querist)
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14 April 2018 so sir what we do please guide me. for better option

Guest

Guest (Expert)

14 April 2018 See if you can discuss this with your vendor to pay you back the amount. As you've deposited his tax. He can claim that in his ITR.

Himanshu Sharma

Himanshu Sharma (Querist)
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14 April 2018 Thank you Mr. Manish but his already denied for that. we can already talked with them

Guest

Guest (Expert)

14 April 2018 Sorry, I don't know other recourse? Wait if another expert reply.