Please Help: TDS
Posted Date : 03-Mar-2012 , 11:32:53 pm | Posted By Neyha
In a company some expenses have been booked in current year which are actually prior period TDS has also been deducted in current year. Whether interest on late deduction and late deposit of TDS Shall apply as entries have been booked in current year.
Category : Income Tax | Answers : 1 | Comments : 2 | Hits : 305
Answers
Answer By: CA. MANISH MALHOTRA
Dear Neyha,
In my opinion TDS has to be deducted when you become liable to pay the amount of expenses. Is expendidure could not be booked in previous year that it doesnot mean it relates to current year. Its prior period ommission and accordingly interest on late deduction and late deposit of TDS Shall apply
In my opinion TDS has to be deducted when you become liable to pay the amount of expenses. Is expendidure could not be booked in previous year that it doesnot mean it relates to current year. Its prior period ommission and accordingly interest on late deduction and late deposit of TDS Shall apply
Comments
Vikas Kumar
04-Mar-2012 , 03:47:25 pmhmmm late deduction Interest @1% per month shall apply.. if TDS deduct previous year but not deposit then Interest @1.5% per month shall apply
Neyha
06-Mar-2012 , 10:37:26 pmThnx Manish for reply.