Delay deposite of TDS
This query is : Open
21 September 2009
There are three snario:
1) Expenses booked under the head rent during April ,2008 and TDS deducted on the same at the time of booking the expenses but deposited during April 2009.
2) In the above case the assessee has depoisted part of TDS on due date and balance during April , 2009
3) In the above case only CESS and Surcharge remains to be deucted during April ,2008 which has been deducted on 31.03.2009 and deposited ON 07.04.2009
What will be tax treatment in all above cases.
1) Expenses booked under the head rent during April ,2008 and TDS deducted on the same at the time of booking the expenses but deposited during April 2009.
2) In the above case the assessee has depoisted part of TDS on due date and balance during April , 2009
3) In the above case only CESS and Surcharge remains to be deucted during April ,2008 which has been deducted on 31.03.2009 and deposited ON 07.04.2009
What will be tax treatment in all above cases.
CA SANJAY MUKHERJEE
(Expert)
21 September 2009
W.E.F A.Y 2005-06 under Section 40 (a)(ia)
in case of certain expenses, Interest,Commision/brokerage,Fees for technical/professional services,payment to contractor/subc,rent and royalty if TDS not deducted/deposited then the whole expenses incurred will be disallowed during Financial year 2008-09( in your case) and will be allowed in 2009-10 if duly deposited.
It should be reported in your tax audit report.
Moreover it may attract penalty u/sec 271C.
regards,
Sanjay
in case of certain expenses, Interest,Commision/brokerage,Fees for technical/professional services,payment to contractor/subc,rent and royalty if TDS not deducted/deposited then the whole expenses incurred will be disallowed during Financial year 2008-09( in your case) and will be allowed in 2009-10 if duly deposited.
It should be reported in your tax audit report.
Moreover it may attract penalty u/sec 271C.
regards,
Sanjay
CA Suresh Choudhary
(Expert)
21 September 2009
Agree with Sanjay
21 September 2009
what is case of part deduction ,and only in case Cess and Surcharge not deducted
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