project report

Quick answer: If TDS is deducted but deposited late, you must pay interest at 1.5% per month or part of a month under Section 201(1A) from the date of deduction to the date of deposit. A late TDS return can attract a fee, and serious default can lead to penalty or prosecution. The expense is not disallowed if the TDS is deposited by the due date of filing the income tax return. At Sharda Associates , our Chartered Accountants (CA) review TDS compliance, file TDS returns, conduct tax audits, prepare income tax returns and reply to TDS notices for proprietors, firms, LLPs and companies, and also prepare CA-certified project reports for bank loans and business funding. A small delay in TDS deposit can grow into a costly default, so quick correction matters. When Must TDS Be Deposited? For most non-government deductors, TDS deducted in a month must be deposited by the 7th of the following month. For tax deducted in March, the due date is generally 30 April. Government offices deposit on...

Quick answer: Yes. If you do not deduct TDS on an eligible payment to a resident, or deduct it but do not deposit it on time, 30% of that expense can be disallowed under Section 40(a)(ia) of the Income Tax Act. For payments to non-residents, the full amount can be disallowed under Section 40(a)(i). Interest, late fee and penalty may also apply. At Sharda Associates , our Chartered Accountants (CA) review TDS compliance, conduct tax audits, file TDS returns and income tax returns and reply to notices for proprietors, firms, LLPs and companies, and also prepare CA-certified project reports for bank loans and business funding. Getting TDS right protects both your deductions and your tax audit report. Why Does TDS Non-Deduction Lead to Disallowance? The law wants the person making certain payments, such as rent, professional fees, commission and contractor charges, to deduct tax at source and deposit it with the government. If you claim the expense but skip the TDS, the income tax depar...

Quick answer: A mismatch between turnover in your books and turnover in your GST returns is common, and many differences have valid reasons such as timing, advances or exempt supplies. During a tax audit, the CA will ask you to reconcile the two, and unexplained differences can lead to GST notices, income tax queries and tax, interest and penalty. At Sharda Associates , our Chartered Accountants (CA) reconcile books with GSTR-1, GSTR-3B and GSTR-9, conduct tax audits, file income tax returns and reply to GST and income tax notices, and also prepare CA-certified project reports for bank loans and business funding. A reconciled turnover is the best protection during audit and assessment. Why Does Turnover in Books Differ from GST Turnover? Books follow accounting rules, while GST returns follow the time and value of supply rules in the GST law. This creates differences even when both are correct. During tax audit, the CA compares sales in the profit and loss account with GST turnover...