A Private Ltd Company made a payment of Rs.180,000/- to Contractor on March 2016. and not deducting TDS yet. Is there any way to avoid penalty for not filing and deducting tds??? Please reply fast
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 29 June 2016
No way out.
Expenses will be disallowed.
but there is one way where u can get relaxation is that get a certificate in form 26A from a chartered accountant that deductee has disclosed the amount in their ITR.
For this u will have to furnish ITR copy of deductee and deductee must have shown the amount in their ITR.
Sahil
(NA)
(159 Points)
Replied 29 June 2016
Well the contractor is not in contact with us. and I am doubting whether he filed return or not. Is there any possible way to avoid the penalty??? Please sir reply
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 29 June 2016
No sir g ,
U will be treated as assessee in default
Do one thing show less than 1 lac as payment to contractor and balance as other expenses.
CA Shweta Purswani
(Practicing Chartered Accountant )
(417 Points)
Replied 29 June 2016
Agreed with Subash Kumar Jha Sir,
No way Out is there except the way mentioned by Subash Sir, You will have pay TDS along with interest and revise the TDS return. if the company is covered under tax audit u/s 44AB.
Sahil
(NA)
(159 Points)
Replied 29 June 2016
okk do i have to deposit service on reversal mechanism on contractor payment???
Sahil
(NA)
(159 Points)
Replied 29 June 2016
Sir how to know whether company is covered under tax audit u/s 44AB
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 29 June 2016
NARENDRA SAHOO
(3 Points)
Replied 29 June 2016
Sahil
(NA)
(159 Points)
Replied 30 June 2016
Okk. Thankyou so much guys. Poornima Madam @ Can you just tell me in which amt of Work Contract I have to pay ST as the Material and Labour is shown separately in the bill. and at what rate do we have to charge ST as the payment was made in March 2016 of Rs.170,000/-
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
Sahil
(NA)
(159 Points)
Replied 30 June 2016
okk. Is there any penalty or interest i have to pay with service tax???
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 30 June 2016
Refer section 75: https://goo.gl/cr24Hc
Sahil
(NA)
(159 Points)
Replied 30 June 2016
I dnt understand Please tell me the Interest or Penalty amt if Service portion is Rs.125000/-???
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