under section 40(a)(ia) 30% of amount payable is disallowed if TDS has not been deducted or deposited before due date of filing return as per section 139 (9)
Here my question is disallowence of the amount payable at 31-3 or amount paid during the year .....Cases are also there on it but no final conclusion ...Case VICTOR SHIPPING PRIVATE LIMITED vs CIT Allahabad.
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Section 40(a)(ia) interpretation of word Payable
Replies (5)
Palak
Amount payable at the time of making payment. When the deductee was making making payment that point of time is being considered and section 139(9) is defective return , it is section 139(1) on or before due date of filing return.
Amount payable at the time of making payment. When the deductee was making making payment that point of time is being considered and section 139(9) is defective return , it is section 139(1) on or before due date of filing return.
sorry it was 139(1)
plz tell amount to disallow is amount paid or payble?
See it depends on the type of accounting you follow in business like mercentile or cash basis and whichever method you follow need to be consistently followed throughout succeeding Financial Years. If cash basis of accounting is followed then Cash paid shall be disallowed and if mercentile method is followed then expenses accrued (whether cash paid or
Whether cash paid or not is irrelevant. we will only consider expenses accrued and that shall be disallowed.
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