Tds payment on behalf of deductee
This query is : Resolved
07 May 2013
Sir,
I had paid Rs. 10 Lakhs towards Donation in the month of Aug'12. In the month of April'13 i came to know that payment was against sponsorship and not Donation , please advice for the following Queries.
(1)Weather TDS is Applicable? If Yes, than what will be the Interest & Penalty.
(2)If Deductee is disagree to give refund, weather to file TDS Return? and if the Deductor file the TDS return he will get Tax benefit. as the TDS will be paid by Deductor.
(3) If TDS to be deducted From August'12 than which Quarter Return to be Revised?
(4) Please Advice related provisions.
I had paid Rs. 10 Lakhs towards Donation in the month of Aug'12. In the month of April'13 i came to know that payment was against sponsorship and not Donation , please advice for the following Queries.
(1)Weather TDS is Applicable? If Yes, than what will be the Interest & Penalty.
(2)If Deductee is disagree to give refund, weather to file TDS Return? and if the Deductor file the TDS return he will get Tax benefit. as the TDS will be paid by Deductor.
(3) If TDS to be deducted From August'12 than which Quarter Return to be Revised?
(4) Please Advice related provisions.
07 May 2013
yes TDS is applicable on Sponsorship Services
Interest will be @1 % from the date it was deductible to the date of deduction
& 1.5% from the Date of deduction to the date of payment
penalty will be at the discretion of AO
if deductee disagree then deductor will have to adjust the payments & TDS
deductor will get the benefit in the form of expense (as more amount will be allowed as expense)
the date of deduction should be reckoned for the Quarter to be revised
i.e if you deduct in march then in 4th Qtr
Interest will be @1 % from the date it was deductible to the date of deduction
& 1.5% from the Date of deduction to the date of payment
penalty will be at the discretion of AO
if deductee disagree then deductor will have to adjust the payments & TDS
deductor will get the benefit in the form of expense (as more amount will be allowed as expense)
the date of deduction should be reckoned for the Quarter to be revised
i.e if you deduct in march then in 4th Qtr
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07 May 2013
Thank u for your prompt reply But i am still confused about which return to be revised 26Q2 or 26Q4? as i am going to pay Tax+Interest from August'2012
07 May 2013
if you revise the 26Q4
in the return there are two dates
1st is Date of Payment/Credit
2nd is Date of Deduction
in the return there are two dates
1st is Date of Payment/Credit
2nd is Date of Deduction
07 May 2013
its up to you
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