Govind Rathore (CA Final) (543 Points)
19 November 2013My Question is... A store started operation in a shopping mall from 01-08-2012. Its Paying Rent and utilities bill of Rs.350000 pm. But it has not Deducted TDS till date (30-10-2013) Can TDS be deducted for the period 01-08-2012 to 31-03-2013 and 01-04-2013 to 30-10-2013. and remitted now?
Any other option????
V.MASTHANVALI
(ACCOUNTS EXECUTIVE)
(89 Points)
Replied 19 November 2013
You can deduct and remitted tds and it will impact late payment charges @ 18% and the same will impact you land lord to file revised it-return for the a.y 13-14.
kamal sharma
(CA Practice )
(24 Points)
Replied 19 November 2013
If you have not deduct the tds then such expenditure will not be deductible u/s40(a) for the purpose of your tax audit of relevant financial year however in subsequent year if you deduct the TDS with interest panalty of 18% PA then such expenditure is allowed for deduction. therefore you have to deduct the TDS in current year as well as for previous year and also revised your TDS returns accordingly.
Govind Rathore
(CA Final)
(543 Points)
Replied 19 November 2013
The Store was not subject to tax audit for fy 2012-13, so can i deduct tds today and calculate interest @ 18%p.a and remitt to department.
Is there any other interst penalty for the same?
Saveetha
(Accounts cum Operation Manager)
(21 Points)
Replied 20 November 2013
I have query for TDs. I received rental invoice for the month of Oct'13.Date of invoice is 26.10.2013 but the due date 25.11.2013 only for payment to landlord. In this case I have to pay tds after payment to landlord or I have to pay the same when I received the invoice. Please clarify me
CAclubindia
