08 December 2010
Sir, Consider the example : Mr X is a assessee whose due date is 31st July u/s 139(1).
He deducts TDS on 31st March,2010 but does not pay it. He wants to file return on 5th June, 2010. He will pay the TDS with interest before 31st July.
My question is 'What is the allowability of the expense on which TDS is made ?' because u/s 40 ia its mentioned that if tds is paid before the due date u/s 139(1) then the expense shall be allowed for that A.Y.
so in above example i want to file return on 5th june but for TDS payment i have time till 31st July.
09 December 2010
but the words used in sec 40 are 'due date as per 139(1)'..!!
so for the purpose of this section the words due date shall be interpreted as: 'due date' means due date as per section 139(1) or actual date of filing of return of income whichever is earlier.
10 December 2010
Mr . Karan , ur point of " whichever is earlier " is correct ... But u can allow the expense only if u have paid TDS before filing of Return ..
& May i know wats the reason of filing it on june 5th
CAclubindia
