Tax ignorance

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mint (Querist)
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24 September 2010 what happen if Tds not deduted on particular invoice in the financial year?

due to misunderstanding of tax law.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 September 2010 Ignorance is not an excuse.Can be penalised among other consequences like disallowance of the concerned expenditure etc. If it can be proved that,non deduction was due to wrong advise of professionals,penalty may be waived.

Praveen Sharma

Praveen Sharma (Expert)
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25 September 2010 agree with expert.

TDS shall be deducted if comes under act. otherwise penal consquences are there.

NISHIT A. DOSHI

NISHIT A. DOSHI (Expert)
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01 October 2010 Hi,

IF TDS is not dedcuted on the particular invoice in the relevant financial year then u will not get deduction of such expense in that financial year.

However, if u still deduct the Tax before filing incometax return or before tax audit return, you can claim such expense in the same financial year.

Otherwise, you will get deduction of such expense in the year in which tds is deducted.

I hope the above will clarify your doubt.

REGARDS,
C.A.NISHIT DOSHI