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Disallowance under section 40(a)

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Sowmya.S.Balan

Sowmya.S.Balan (Querist)
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14 February 2012 Dear Sirs,

In our case advance amount paid to a contractor for carrying out labour contract. but fails to deduct TDS . Such amount is shown as advance under current assets in balance Sheet and not shown in Profit & loss account during the year. whethre it is required to disallow in computation ? I am asking such queastion because such amount will be transferred to expenses in the coming year

Yogesh Agarwal

Yogesh Agarwal (Expert)
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14 February 2012 As per my mind it is not required to disallow since you are not deducting the same from your income...

But it can not save you from default made under chapter XVIIB...

Other views may be awaited...

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