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.
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.
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
CAclubindia
