delay depoist in tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2010 One my client has deduct TDS during April to febuary 2010. But Tds is depoisted on May, 2011. Can i allow it.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 August 2010 Yes. But the payment should have been made along with interest @1% p.m. from the date of deduction till date of payment. Part of month to be taken as one month.

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2010 Thanks

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2010 Thanks, but how it is shown in audit report

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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09 August 2010 AGREED WITH SANJAY JI, IT WILL BE ALLOWED IF IT IS DEPOSITED WITH INTERST AS PER ABOVE.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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09 August 2010 if the TDS paid alongwith the interest for late payment, the expenses will be allowed as the same , apparently , has been paid befor filing of income tax return

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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09 August 2010 IN AUDIT REPORT, ANNEXURE FOR TDS SUMMARY IS GIVEN IN WHICH TDS , DUE DATE, DATE OF DEPOSIT , AMOUNT DUE ,AMOUNT DEPOSITED , REMARKS,
IN THIS CASE AMOUNT DEPOSITED IS HIGHER THAN AMOUNT DUE, IE IN REMARKS COLUMN IT WILL BE SHOWN AS INTERST .

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2010 Thanks

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