A Company made payment of Rs.35000/- on dated 08-12-2010-to contractor against their bill dated 15-11-2010 for Rs.35000/- but not deducted any TDS. What to do now?
Vikash Kumar (Manager Accounts (CA. Final)) (694 Points)
17 December 2010A Company made payment of Rs.35000/- on dated 08-12-2010-to contractor against their bill dated 15-11-2010 for Rs.35000/- but not deducted any TDS. What to do now?
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 17 December 2010
Deduct from the next payment or if it was only a one time transaction you cant do much. Can try requesting the contractor to return back the TDS amount and remit the same (Which will most certainly not happen)
Deepak Tapse
(Accounts Manager - Taxation)
(1771 Points)
Replied 17 December 2010
You have to deposit the TDS within time lime and collect the same from contractor from his future payment
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