late payment of tds

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devesh (Querist)
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09 January 2008 Hi i have one question which is as under

is there any tax hint in income tax for not disallowance of expense evenif there is default in payment of tds for the month of march 2005.

CA Anil Jain

CA Anil Jain (Expert)
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09 January 2008 In Sec.43(B)

CA Anil Jain

CA Anil Jain (Expert)
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09 January 2008 Under Sec.43(B)(a) Any sum pAyable by way of tax ,Duty,Cess or fee under any law for the time being in force are allowed only on cash basis.
The above sum can be paid by the assessee on or before the due date for furnishing the Return.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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10 January 2008 Even if added back , it will be allowed in next year when TDS is paid . So the only issue is your total income for the year after addition for default in TDS . If it is within your limits .........you are getting extra deduction in next year ..........it depends on the facts of the case

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