deduction of TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2010 Sir,
A person started his business in the financial year 2009-2010 and achieved the turnover of Rs.1 crore and he has not duducted any tds during the year but he has TAN. on 31st march 2010 he passed entries of TDS deduction. Till date he not deposited any TDS. Now, he wants to deposit the TDS with interest and want to submit his TDS Return. My query is that :

a) whether he can do so?
b) what will be the position of expenses upto February 2010?
c) what will be the position of expenses from 1st march 2010 to 30th March 2010.
d) What will be position of expenses of 31st March 2010?
e) In which year the expenses will be allowed.

Thanks

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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27 August 2010 a. He can deposit the Tds witn interest now,

b/c/d/e. Sec.40a(ia) has been amended with effect from AY-2010-11, if the TDS paid on or before Filing of Income tax return, the related expenses will be allowed

In case you are not pay the TDS with in filing of Income tax return, the expenses will be diallowed and only allowed in which year you are paying

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