sachin gupta (Prp) (56 Points)
20 February 2010i have a one pvt ltd co. in a.y. 2009-10 i have made the payment of intt. for r. 200000/- to india bulls finance co ltd. my question is
1. i m liable for tds on intt.
2. if i m liable than what is issues are there??
3. i have filed my i.tax return. i have to revised my i.tax return or not??????
Shikha Bajaj
(CA )
(433 Points)
Replied 21 February 2010
Dear Sir
Under Sec 194A, the Pvt. Ltd. Co. is liable to deduct & deposit the TDS @ 10.3% (A.Y. 09-10, Currently 10%) if the amt. of intt exceeds Rs. 5000 p.a.
In ur case the amt of intt is above the threshold limit. So u r liable to deduct the TDS.
You have to take the TAN ( Tax Deduction & Collection No.) from the Income tax deptt. if u dont have the same. & then u have to deposit the TDS amt. together with intt. @ 1% per month from the due date of deducting the Tax ( i.e. 7th of the next month in which the amt of TDS is due to be deducted)
U also need to file the Quarterly TDS return.
If u dont fulfil the above mentioned compliances, then the amt. of intt will be disallowed while computing the total income of the company. Means u have to pay tax @ 30.9% o Rs. 2L.
Pls confirm whether u are the director of the Co.?
As it has nothing to do with ur personal income tax return. It will affect the company's I.T. R.
CAclubindia
