TDS PAYMENT IN CASE OF COMPANY UNDER CIRP, Income Tax

[NAMAN DOKANIA]

A company is under CIRP. The invitation date was 01.02.2021. Two months provision on account of tds deducted for December and January was pending to be paid to government exchequer. IP told that TDS payment won't be done til the disposal of CIRP proceedings.

Q. What to do with the TDS provisions?? Will it to be written back??

Q. How will we file our TDS Return written for Quarter 4 Will it include that??

Please answer with any text from IBC or IT Act

Posts / Replies

[DR.MARIAPPAN GOVINDARAJAN]

Once the Tribunal admitted the application from that onwards the management of the company vests on the interim resolution professional. That date is called commencement of corporate insolvency professional. Suppose 01.2.2021 is the insolvency commencement date you have to deposit the TDS made by you to the Government up to 31.01.2021. For the fourth quarter you have to file on for January 2021.