Tax ignorance
This query is : Resolved
24 September 2010
what happen if Tds not deduted on particular invoice in the financial year?
due to misunderstanding of tax law.
due to misunderstanding of tax law.
24 September 2010
Ignorance is not an excuse.Can be penalised among other consequences like disallowance of the concerned expenditure etc. If it can be proved that,non deduction was due to wrong advise of professionals,penalty may be waived.
Praveen Sharma
(Expert)
25 September 2010
agree with expert.
TDS shall be deducted if comes under act. otherwise penal consquences are there.
TDS shall be deducted if comes under act. otherwise penal consquences are there.
NISHIT A. DOSHI
(Expert)
01 October 2010
Hi,
IF TDS is not dedcuted on the particular invoice in the relevant financial year then u will not get deduction of such expense in that financial year.
However, if u still deduct the Tax before filing incometax return or before tax audit return, you can claim such expense in the same financial year.
Otherwise, you will get deduction of such expense in the year in which tds is deducted.
I hope the above will clarify your doubt.
REGARDS,
C.A.NISHIT DOSHI
IF TDS is not dedcuted on the particular invoice in the relevant financial year then u will not get deduction of such expense in that financial year.
However, if u still deduct the Tax before filing incometax return or before tax audit return, you can claim such expense in the same financial year.
Otherwise, you will get deduction of such expense in the year in which tds is deducted.
I hope the above will clarify your doubt.
REGARDS,
C.A.NISHIT DOSHI
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