tax disallowance
This query is : Resolved
18 August 2010
if TDS u/s 192 deducted & not paid in time as per due date will qualify for disallowances under scetion 40 or not
18 August 2010
No disallowance if deposited within the due date of filing of return u/s 139(1).
But interest will have to be paid on late payment and penalty u/s 221 can be imposed.
Interest rate:
Upto 30.06.2010 1% p.m. or part thereof
from 01.07.2010 1.5%,,,,,,,,,,,,,,,,,,,
Penalty:
Maximum penalty is amount of TDS involved.
But interest will have to be paid on late payment and penalty u/s 221 can be imposed.
Interest rate:
Upto 30.06.2010 1% p.m. or part thereof
from 01.07.2010 1.5%,,,,,,,,,,,,,,,,,,,
Penalty:
Maximum penalty is amount of TDS involved.
18 August 2010
Will not be disallowed. Section 40 (a)(iii) disallowance is for salary payable outside India or to a non-resident.
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