What are consequences and treatment, If TDS is late deposited to CG without interest u/s-201 ?
5 Replies
jeevana
(Auditor)
(51 Points)
Replied 28 August 2008
If TDS is not Deducted, the expenditure is disallowed
If late Deposited interset will be payable @ 1%
CA Thomas Raju Paravada
(Chartered Accountant)
(570 Points)
Replied 28 August 2008
when tds is not deposited withe the government 1% per month will be the fine. But the payment should be in the financial year. That means if a co deducted tax in april it has to be deposited in the next month. But the co paid in the month of june. It has to deposit the tax amount with the govt with fine. So as the deposit with the govt is in the same financial year the expenditure on which tds dedudted and tax deposited is an allowable expenditure.
But the problem arises at the last quarter only. The Tax deducted in last quarter has to be deposited with the govt by March 31st only. If tax deducted in the march but deposited with the govt in april that expenditure is disallowed
(Guest)
| Originally posted by :jeevana | ||
| " | If TDS is not Deducted, the expenditure is disallowed If late Deposited interset will be payable @ 1% |
" |
(Guest)
| Originally posted by :jeevana | ||
| " | If TDS is not Deducted, the expenditure is disallowed If late Deposited interset will be payable @ 1% |
" |
TDS LATE DEPOSIT HOW CALUCATE & HOW TO FILL
FORM &WHEN DO YOU PAID TDS
chandrasekaran e
(Accounts Incharge)
(29 Points)
Replied 01 December 2008
Tds deducted in the month of sept 08 but paid in nov 08 .
Any penalty with deposit to goverment
For example
194 j professional fees
actual bill amount 10000
tds deducted 1030
Actual tds deposit in government 1041(with 1% fine) is correct or wrong
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