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
TDS Payments Must Be Deposited and Reported Up to January 2021 Despite Ongoing CIRP Proceedings A company undergoing Corporate Insolvency Resolution Process (CIRP) had pending Tax Deducted at Source (TDS) payments for December and January before the insolvency commencement date of February 1, 2021. The interim resolution professional (IP) indicated that TDS payments would be deferred until CIRP proceedings conclude. The query sought guidance on handling TDS provisions and filing the TDS return for Quarter 4. The response clarified that TDS deducted up to January 31, 2021, must be deposited with the government, and the TDS return for the fourth quarter should cover up to January 2021. (AI Summary)
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