Section 40a

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2010 Sir i want to know that there is a firm as bt 31st march 10 who in some cases tds not deducted and in some cases deducted at lower rate, however deposited all such tax in july 10 month then in which year the expenses are allowed

Akhil Agrawal

Akhil Agrawal (Expert)
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08 July 2010 for the T D S being deducted in the PY 09-10, it has to be deposited b4 date of filing return. Since the same amount is paid in July that s why it will be allowed in the yr 2009-10 P Y only.

The ans is as per FA 2010 being amended from retrospective affect from AY 10-11

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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08 July 2010 Agree with the expert that Finance Act 2010 has ammended Section 40A. So TDS can be depoited till the date of filing ITR. But do check the expenses which are disallowed u/s 40a carefully as all expenses on which TDS has not been deducted are not disallowed.

In other words there are few expenses in which if TDS deduction is not made still they are allowed as deduction.

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