20 October 2014
We are a firm of advocates. We have paid Rs 60 lakhs @ Rs 5 lakhs per month to Mr. X without deducting TDS in FY 2013-14. Mr. X has deposited due taxes computed, taking this income of Rs 60 lakhs in his total income, as advance tax on 15.03.2014. However, Mr. X has filed his return on 20.10.2014 (For AY 2014-15).
Can we claim Rs 60 lakhs as expense of the firm in FY 2013-14 (AY 2014-15) under any provisions of the I.T. Act? Or is there any solution to claim the expenses of Rs 60 lakhs in FY 2013-14 (AY 2014-15)?
20 October 2014
you can get deduction subject to availability of certificate issued by a Chartered Accountant as provided under proviso to section 201(1)
CAclubindia
