My client has paid Rs.15000.00 p.m. without deducting TDS, to a Security Service Agency towards security service bill for last 5 months.
Now, what will be the simpliest way to resolve the problem???
Menu
Tds payment
Replies (4)
Tax can be deducted when threshold limit is crossed. However, it's better idea to deduct on monthly basis when you know you will criss the limit sooner or later in the year.
Since the payment is for last 5 months , it means that some of the payment would fall in last financial year and some in this year. For the last financial year if the total exceeds 30000 then you must deduct tds and make the payments now along with interest for late payment. Thereafter you will also have to revise your tds return for the last quarter.
For this year also , you should deduct tds for april and may and get it deposited along with interest.
As threshold limit is crossed in the first month itself you should have deducted tds timely. Now better course of action is deduct and deposit the tds along with interest u/s 201(1A) and prevent further consequences.
Recent Topic
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
- ITR-3 Filling issues
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
Related Topics
CAclubindia
