Dis allowance in TDS Recent Amendement
This query is : Resolved
02 October 2008
AS per Recent Amendement in sec40 for Dis allowance : Wheather Tax deductible in the month of April to Feb , but it was deducted in march and TDS is remmitted before due date u/s139 - w+heather it is allowable or Not.?
CA Nitin Wadhwani
(Expert)
02 October 2008
Amendment is Sec.40(a)(ia) is applicable for deduction of tds in month of march, but not paid.
It will be allowed if paid within due date of filing of return.
for apr-feb, due date is 31st march.
It will be allowed if paid within due date of filing of return.
for apr-feb, due date is 31st march.
Venkat Rao Marella
(Expert)
02 October 2008
the amendment affects only the year end provisions.
The position remains the same for deductions made during jan & feb months. the deductions made during these months have to be remmitted on or before 7th of next month.
How ever, the ammendment is applicable only for the deductions made from the expenses provided for year end.
Any deductions made on 31st march'2008 and deposited on or before the due date of filing return of income is allowed as deduction.
Howe ever, if deduction is made and the same is not remmitted before 31st may, the same cannot be allowed as deduction.
The position remains the same for deductions made during jan & feb months. the deductions made during these months have to be remmitted on or before 7th of next month.
How ever, the ammendment is applicable only for the deductions made from the expenses provided for year end.
Any deductions made on 31st march'2008 and deposited on or before the due date of filing return of income is allowed as deduction.
Howe ever, if deduction is made and the same is not remmitted before 31st may, the same cannot be allowed as deduction.
CA Nitin Wadhwani
(Expert)
02 October 2008
No.
After The Amendment, even if the payment is not remmitted till 31st May, but remmitted before due date of filing of return,
It is ALLOWED.
After The Amendment, even if the payment is not remmitted till 31st May, but remmitted before due date of filing of return,
It is ALLOWED.
02 October 2008
Sir, I am asking for If TAx is Deductible on payment and Credit w+hich ever is earlier , But I hav not Made any deduction From April to Feb and I have deducted TDS on 31st March, Wheather I will remmit it before due date u/s 139
PIYUSH JAIN
(Expert)
03 October 2008
it will attract Interest on TDS as due date for TDS payment is 7th of next month.
CA Nitin Wadhwani
(Expert)
10 June 2009
Yes.
It will be allowed.
It will be allowed.
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