Section40 a ia

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pratik bhojwani (Querist)
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17 April 2013 if x paid the rent of 3 lacs to y without deducting tds bt y filed the return of income and included the above income in his retrun and also paid the tax on above income 30 sep 2013. rent is related to fy 12-13 can x claim rent as deduction in fy 12-13 or f.y 13-14

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 April 2013 yes. as per amendment in finance act 2012, sec.201 & 40(a)(ia)

A proviso has now been inserted to this section to make exception to the definition of ‘assessee in default’. The Proviso provides that where any such default occurs and if payee

(i) has furnished his return of income under section 139;

(ii) has taken into account such sum for computing income in such return of income; and

(iii) has paid the tax due on the income declared by him in such return of income, and furnishes a certificate to this effect from an accountant in such form as may be prescribed then assessee will not be regarded as assessee-in-default.

pratik bhojwani

pratik bhojwani (Querist)
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26 April 2013 in which year f.y 12-13 or 13 -14

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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30 April 2013 it is FY-12-13 & AY-13-14

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