delay in deduction fo tds
This query is : Resolved
yashvi sancheti
(Querist)
02 May 2009
what are the consequences of delay in deduction of tds???????.
Whether such tds deducted before the end of the F.Y. and also deposited with in the prescribed time.
Whether such tds deducted before the end of the F.Y. and also deposited with in the prescribed time.
CA. B.SRINIVASULU
(Expert)
02 May 2009
If tds has been deducted delayedly in the same financial year in which payment is made.
Then only interest is payable and for delay in filing of returns penalty may arise.
If tds has been deducted delayedly by a year. Ie this financial year tds has been deducted in next finanial year
In the year of payment of expenditure expenditure is disallowed.
In the year of payment of tds the expenditure will be allowed. TDs has to be paid alongwith interest. And if huge tds is pending peanalty wil arise.
Then only interest is payable and for delay in filing of returns penalty may arise.
If tds has been deducted delayedly by a year. Ie this financial year tds has been deducted in next finanial year
In the year of payment of expenditure expenditure is disallowed.
In the year of payment of tds the expenditure will be allowed. TDs has to be paid alongwith interest. And if huge tds is pending peanalty wil arise.
CA. B.SRINIVASULU
(Expert)
02 May 2009
If tds has been deducted delayedly in the same financial year in which payment is made.
Then only interest is payable and for delay in filing of returns penalty may arise.
If tds has been deducted delayedly by a year. Ie this financial year tds has been deducted in next finanial year
In the year of payment of expenditure expenditure is disallowed.
In the year of payment of tds the expenditure will be allowed. TDs has to be paid alongwith interest. And if huge tds is pending peanalty wil arise.
Then only interest is payable and for delay in filing of returns penalty may arise.
If tds has been deducted delayedly by a year. Ie this financial year tds has been deducted in next finanial year
In the year of payment of expenditure expenditure is disallowed.
In the year of payment of tds the expenditure will be allowed. TDs has to be paid alongwith interest. And if huge tds is pending peanalty wil arise.
Manmohan ACA, CS
(Expert)
02 May 2009
Agree
taxindiaconnect
(Expert)
02 May 2009
Apart from the disallowance of such expendtiure in your income tax reurn u/s 40a(i) , interest payment u.s 201, penalty u/s 271C a prosecution proceedings may also be initiated u/s 272B of the Income Tax Act 1961.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
