Regarding TDS

This query is : Resolved

umesh (Querist)
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01 June 2008 dear sir,
i could not pay the TDS for the last quarter of 07-08. i paid the said TDS on the 1st Apr.08. now my CA is telling me the entire amount of the transportation on which we can't pay the TDS will be disallowed and be added in the income.

on transportation of Rs. 1Lac i have to pay the TDS. now the CA is telling the entire Rs.1Lac will be added in the income not the TDS Liability which i could not pay.

please let me know what is the rule?

Jitender

Jitender (Expert)
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01 June 2008 no, it is not disallowed.
as per sec 40 (a) (ia) ,u can deposit the tds amount upto the date of filing of return as per the recent amendment.

CA Anil Jain

CA Anil Jain (Expert)
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02 June 2008 Yes.
As per the new Finance Act 2008 the TDS can be deposited till the date of filing Return u/s 139(1). But interest is also be required to deposit.
This provision has retrospective effect w.e.f. 01-04-2005

Shyam Lal Naik

Shyam Lal Naik (Expert)
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02 June 2008 You have paid TDS for the last quarter on 01/04/2008.

Expenses relating to Jan'08 & Feb'08 will be disallowed in AY 2008-09. This will be allowed in the AY 2009-10.

Expenses relating to Mar'08 will however be allowed in the AY 2008-08.

The circular referred to in the earlier answers applies only for tds deduction during March'yy.

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