Tds
This query is : Resolved
kumal jee mishra
(Querist)
15 December 2013
if tds is deductable on salary but not deducted by employer then is it allowable as expenses?
CA PARAS BAFNA
(Expert)
15 December 2013
Yes, it is still allowable as deduction.
Read more at-
https://www.caclubindia.com/forum/default-in-deduction-of-tds-on-salaries-134632.asp#.Uq1vhNIW1A0
Read more at-
https://www.caclubindia.com/forum/default-in-deduction-of-tds-on-salaries-134632.asp#.Uq1vhNIW1A0
15 December 2013
QUESTION IS NOT UNDERSTANDING
TDS MEANS TAX DEDUCTED AT SOURCE
WHO PAY AN AMOUNT IN WAY OF SALARY HE HAS TO DEDUCT TAX AND RAMAINING BALANCE WILL BE GIVEN TO PERSON
FOR DEDUCTION PURPOSE HE CAN FILE E TDS RETURNS WITH THE PAN NUMBER OF DEDUCTED PERSON
THEN TDS GO TO THAT PAN ACCOUNT
TDS IS DEDUCTED FROM PAYMENT ONLY
HENCE IT IS NOT TREATED AS EXPENDITURE
IN YOUR WORDS IT WILL BE TREATED AS SELF ASST TAX AND IT WILL BE TRANSFERED TO CAPITAL ACCOUNT
TDS MEANS TAX DEDUCTED AT SOURCE
WHO PAY AN AMOUNT IN WAY OF SALARY HE HAS TO DEDUCT TAX AND RAMAINING BALANCE WILL BE GIVEN TO PERSON
FOR DEDUCTION PURPOSE HE CAN FILE E TDS RETURNS WITH THE PAN NUMBER OF DEDUCTED PERSON
THEN TDS GO TO THAT PAN ACCOUNT
TDS IS DEDUCTED FROM PAYMENT ONLY
HENCE IT IS NOT TREATED AS EXPENDITURE
IN YOUR WORDS IT WILL BE TREATED AS SELF ASST TAX AND IT WILL BE TRANSFERED TO CAPITAL ACCOUNT
Nikhil Kaushik
(Expert)
15 December 2013
Dear Kumal,
the disallowance section 40a(ia) doesn't cover salary expenses. hence no disallowance is attracted. However, assessee in default position may still get triggered.
the disallowance section 40a(ia) doesn't cover salary expenses. hence no disallowance is attracted. However, assessee in default position may still get triggered.
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