RAJ KUMAR (FINANCE MANAGER) (1393 Points)
11 December 2012HELLO FRIENDS, PLS. TELL ME MY CLIENT IS MAKING PAYMENT OF EMI EVERY MONTH FROM APRIL HE HAS GIVEN ADVANCE POST DATED CHEQUES. THERE IS A LIABILTY FOR DEDUCT THE TDS ON INTERST BUT HE HAS NOT DEDUCTED TDS NOW PLS. HELP ME CAN I DEDUCT THE WHOLE TDS NOW FOR 8 MONTHS PAYMENT IS ALREADY MADE. CAN I ISSUE FRESH CHEQUES OR NOT
PLS. HELP ME.
THANKS.
CA CS Chirag
(Practicing CA)
(834 Points)
Replied 11 December 2012
you can deduct and pay TDS for whole period now, but interst will be charged for late deduction as well as for late payment
CA Pintu Mishra
(Chartered Accountant- Industry)
(514 Points)
Replied 11 December 2012
yes you can deduct tds now and pay the party amount after reducing the tds figure at present and while paying the tds pls make sure that you are paying tds for every quarter with different challan so that it would be easy when you file tds quarterly return. !st quarter amount of tds with one challan and 2nd qtr tds amount with another challan and third challn for oct and nov.
sudhir munjal
(Student)
(53 Points)
Replied 11 December 2012
Anjani Kumar
(Manager)
(128 Points)
Replied 11 December 2012
Mr. Raj Kumar
There is once chance i.e. you can make TDS payment from companies money and after completion of ETDS you can make a letter to that party about TDS deduction and payment to government account Then they will verify their 26AS and after confirmation of TDS amount Credit in their account they can reduce your loan to that extent from your Principal amount
If you approach in this way , you may get benefit
Friends if i am wrong please correct me...
CAclubindia
