TDS on a previous years payments

This query is : Resolved

Pushparaj. A (Querist)
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18 October 2010 Hi,

Kindly suggest on this case study. A rent was not paid to a owner for 2 years by a company and thereby not deducted tds and the expense was disallowed.

Now lets say the company is paying the rent to the owner for all these 2 years and wants to claim in the indirect expenses. Wat tds rate should we apply for this case (Present rate or earlier rate as applicable by then). Also should interest by levied, since it was disallowed and company has not taken any advantage for this expense.

Kindly reply.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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18 October 2010 TDS will be deducted at the old rates only and now TDS to be paid along with interest.

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Guest

Guest (Expert)

19 October 2010 Recognise expenses in profit and loss a/c.

deduct TDS and pay to govt with interest...

Regards

Message likes : 1 times

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taxindiaconnect

taxindiaconnect (Expert)
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19 October 2010 Agreed

Aditya Maheshwari

Aditya Maheshwari (Expert)
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20 October 2010 We should all be eager to learn and share. We at CAclubindia intend to create a knowledge base. A portal wherein you can gain, exchange and spread knowledge. This is only possible if each one of us take a sincere step and help. By doing this we will not only gain knowledge but also make relationships both professional and personal which will stand by us always.

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