my query is. we have deducted TDS on 28 april 2014 and applied for TAN on same day 28 april but TAN is alloted on 11 june 2014.
My question is whether we are liable to interest on TDS deducted? since we never anticipated transaction will happen. and due date of deposit TDS on 7th may and we are unable to deposit tax in absence of TAN no.(as TDS deposit must quote TAN no. to bank).
We deducted tax since payee is non resident and we have to deduct tax before payment to NR
PLEASE ANSWER WITH RELEVANT SECTION, PROVISION AND CASE LAW IF ANY
28 June 2014
but transaction is happened on 28 april and we applied for tan same day we were not in contemplation transaction will happen to sale property to NR buyer
how we deposit TDS on 7 may since no tan no. alloted till 7 may
28 June 2014
but transaction is happened on 28 april and we applied for tan same day we were not in contemplation transaction will happen to sale property to NR buyer
how we deposit TDS on 7 may since no tan no. alloted till 7 may
please quoted circular..case law.. section in your support if any
28 June 2014
the answer is simple friend...income tax department doesn't care if you are late in applying for TAN. failure to apply for TAN is no excuse for delayed deposit of taxes. If you delay the tax deposit, the interest implications are automatic.
Though the rule 114A does allow you to apply TAN within 30 days of first deduction, it doesn't give you any protection from interest obligations.
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