27 June 2009
The Finance Act 2008 has amended the section 40(a), w.r.e.f.01.04.2005.
As per section 200 (1) read with rule 30, In respect of Tax deducted on the last date on which accounts are made..due date is two months of expiration of the month in which that date falls. In other cases, it is one week from the end of the month.In simple terms...in case of Tax deducted on 31st march due date is 31st May....In other cases..due date is 7th of next month.
As per section 40(a)(ia)..in cases where TDS is deducted in the month of March but deposited within time given u/s 139(1), no disallowance will be made.In other cases, TDS has to be deposited till the last date of previous year.
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