Tds not deducted
This query is : Open
26 October 2012
We have booked the bills of more than 5 lacs for contract charges to one party on several dates during F.Y 2011-12.
But we have not deducted TDS at all and also we have made the full payment to the party.
And we are not going to have any further transaction with this party.
Now do we need to deposit TDS from our own pocket & issue form 16A or what?
But we have not deducted TDS at all and also we have made the full payment to the party.
And we are not going to have any further transaction with this party.
Now do we need to deposit TDS from our own pocket & issue form 16A or what?
26 October 2012
TDS should have been deducted.
In order to avoid any notices you should deposit it out of own pocket.
In order to avoid any notices you should deposit it out of own pocket.
27 October 2012
Yes. TDS should be deducted now and the same should be borne by the Company. In light of the present provisions, interest on TDS need to be deposited before filing TDS return.
28 October 2012
Sir,in my opinion, the has to bear the TDS amount. If not the whole transction will be disallowed in the hands of the company.
Secondly, if the contractor has not provided u his PAN number then, the TDS has to be deducted @ 20%. And pay the TDS amount along with interest.
Secondly, if the contractor has not provided u his PAN number then, the TDS has to be deducted @ 20%. And pay the TDS amount along with interest.
29 October 2012
But that party has fully met its tax liability by paying taxes.
Now if we deduct TDS and issue form 16A then does it not result in giving double benefit to that party?
Now if we deduct TDS and issue form 16A then does it not result in giving double benefit to that party?
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