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Penalty for non payment of tds

vinayak (accountant) (255 Points)

27 April 2017

We are pvt ltd company. We have not paid TDS on professional charges of Rs.5000 for F.Y.2016-17. what will be the charges for the sameif we does not paid it till May 2017. We have not yet received invoice of 40000 from total fees of Rs.50000. Can we deduct TDS and paid the same while making payment against the invoice or Does we have to make payment in April 2017 only for whole year.

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5 Replies

(Guest)

if expense is of previous year book expense

and deduct tds

tds late payment interest is charble on it

and if tds return is file late penality is 200/- per day

if tds not paid expense is disallowed

and that much amount add to the profit of company

so pay tds as early as possible

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SUNEEL KUMAR (Sr. Accounts & Finance Executive) (163 Points)
Replied 29 April 2017

if you have paid to party then TDS should be deducted & paid to Govt.

Also if file your return late/after due date then interest @ 1.5% per month & penalty @ 200 per day will be deposited with TDS amount.

Mahesh Babu (CA Final) (618 Points)
Replied 01 May 2017

If the professional services are pertaining to FY 2016-17 and going to recognise the same as expenses by charging to P&L, then TDS should be deducted even if the invoice was not received and payment was not made.

For such, the TDS should be deducted latest by March 2017, TDS payment to Govt. to be made by 30th April, 2017 and TDS returns to be filed by 31st May, 2017.

If the TDS was not paid with in the Duedate i.e.30-04-2017, then interest on such TDS amount to be paid for late payment of TDS.

ashok (student) (64 Points)
Replied 01 May 2017

if u have done accrual..deduct TDS on accrual..and pay TDS. interest from 31 March till 2nd paril since accrual date is March and due date for deposit was 30th April..file return by 15th may