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Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2013 what is the dep. rate on c.c tv camera ?

interest on t.d.s are allowable or not ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

13 August 2013 CCTV camera is treated as P&M -Rate of Depreciation is 15%.
.
Interest on TDS is not allowable.
.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)

13 August 2013 IMPORTANT :

.
If you don't pay the TDS within due date of return filing;

the whole EXPENDITURE subjected to TDS will not be DEDUCTED from your income.

Ganeshbabu K

Ganeshbabu K (Expert)

15 August 2013
Honble Karnataka High Court in the matter of CIT v. Oriental Insurance Co Ltd [2009] 183 TAXMAN 186 {KAR} has held that

Section 201(1A) is a provision to levy interest for delayed remittance of the TDS.

It is the practice of the revenue that for belated payment of tax for any reasonable cause, the assessee is liable to pay interest at the rate of 12 per cent per annum.

Similarly, for refunds, the revenue pays interest to the assessee. Therefore, the levy of interest under section 201(1A) cannot, at any rate, be construed as penalty.Hence, it will be of immense use to rely on this case regarding the allowance of the Interest on late payment of TDS.

Please comment and confirm as per above judgement whether Late payment of TDS is allowable or disallowable supporting your answer with relevant section and also guide me how to report such disallowance in Form 3CD

Thanks & regards
Ganesh babu k

Ganeshbabu K

Ganeshbabu K (Expert)

15 August 2013 Doubt on Dis allowance under section 40(a)(ia)

As per latest ammendment to 40(a)(ia)

it says,,

1)No disallowance u/s. 40 (a) (ia) if the recipient has:

**Furnished his return;

**Taken into account such sum for computing income in such return of income; and

***Paid the tax due on the income declared by him in such return of income, and furnishes a certificate to this effect from an accountant in such form as may be prescribed.

(i.e. Form No. 26A ~ refer Rule 31ACB)

With above can we stop disallowance in some cases like,,

Suppose client not deducted TDS for payment to auditors for conultancy fee,..as we only auditors we definetely file returns with in due date so can we allowance this expenditure using above ..

And also please explain about 3rd point which i have provided above,,form no.26A

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