Disallowance of expenditure

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JAWAHAR (Querist)
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03 September 2010 I want to confirm whether an expenditure related to P.Y can be allowed if it is made payable as on 31.03.2010 and the required TDS also to be provided (since Accounts to be audited) and to be remitted the TDS before 30.09.2010 ? Can we provide so and QLY return to be revised ? If the TDS to be remitted alongwith interest 1.5% p.m. upto 30/09/2010 whether any additional amount to be remitted apart from that?

Arun

Arun (Expert)
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03 September 2010
1. If expenditure Covers U/s 40(a) then TDS has to be deducted if not, will be allowed as deduction in the year in which tax deducted and remitted.

Interest is chargeable upto the date of payment of TDS ( Part of the month also treated as a month)

No other charges

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 September 2010 If the TDS is remitted before 30.9.2010 with interest, the expenses will be allowed as per amendment in sec.40(a)(ia)

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