Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2014 My Client are a partnership firm and works as a work Contactor. They have paid labour chg 2.5 crore approx. during the fy 2013-14 without deducting tds U/s 194C. In this connection I have also mentioned that they have not any TAN and will be assessed u/s 44AB . Is there any way to labour chg of Rs. 2.5 crores as allowable expenses? I will get benefit u/s 201(1) of IT act.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 August 2014 Also check if the amount was paid to single party or various different parties. TDS to be deducted only in those cases where threshold limit is crossed.

Only way out is to deposit the TDS before due date of filing of Income Tax Return. If deposited then expenses will be allowed.

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