Provision for expenses

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preet prakash (Querist)
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04 March 2015 Hi All
We are following Mercantile Accounting system, we didn't make any provision for expenses for Audit& Prof. fees amt 1.14lcas in d F.Y.2013-14,bill date is in 14-15, paid in the 2014-15, tds not paid, will my expenes will be disallowed u/s 40(a)(ia) & as Prior Period expenses????????????
thnx

Amol S Joglekar

Amol S Joglekar (Expert)
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04 March 2015 Yes. It will be disallowed in 2014-15, as the expenses relate to the year 2013-14.

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preet prakash

preet prakash (Querist)
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04 March 2015 what is solution of this???????
shall deduct tds on 1.14lacs with interest @1% or 1.5% in MArch 2015, though the expense are pertaining to F.Y. 2013-14 & 2012-13?????????????
thnx

Amol S Joglekar

Amol S Joglekar (Expert)
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05 March 2015 Deduct tds at appropriate rate, pay interest accordingly.
In income tax computation, disallow the amount.

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