late payment of tds
This query is : Resolved
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.
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
(Expert)
09 January 2008
In Sec.43(B)
CA Anil Jain
(Expert)
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.
The above sum can be paid by the assessee on or before the due date for furnishing the Return.
Late CA Sampat Jain
(Expert)
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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