Disallowance U/s 40(a)(ia) only for 'PAYABLE'?
This query is : Resolved
24 October 2008
The terminology used in Section 40(a)(ia) is 'PAYABLE' any royalty,fees,commission ,brokerage payable or any amount payable to a contractor etc.
Does it mean that any amount which is PAID during the year as royalty,fees,commission ,brokerage or an amount paid to a contractor on which tax is not deducted or deducted but not paid is still allowable? Yes,it seems from the wording, if read carefully .
Does it mean that any amount which is PAID during the year as royalty,fees,commission ,brokerage or an amount paid to a contractor on which tax is not deducted or deducted but not paid is still allowable? Yes,it seems from the wording, if read carefully .
24 October 2008
you seem to be correct in your interpretation. Vinod Singhania has also expressed the same view.
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