Tcs............

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies a common tax query regarding the disallowance of expenses when Tax Collected at Source (TCS) isn't deposited by the due date for return filing. It confirms that Section 40(ia) of the Income Tax Act specifically addresses Tax Deducted at Source (TDS) and does not apply to TCS. Therefore, failure to deposit TCS on time does not result in the 30% expense disallowance stipulated for TDS.

Gourav dewangan

Gourav dewangan (Querist)
Follow

28 December 2022 When any payment made to resident and tds not deducted or tds deducted but not deposited before the due date of return filling, 30℅ of expenses disallowed under PGBP in income tax act. My doubt is that wheather any disallowance if tcs collected by the assessee not deposited within due date of return filling.