TDS

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SREE PRAKASH (Querist)
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25 September 2009 Sir
An individual ,who is subject to tax audit only from AY 2009-10, has constructed a building for his profession and has made some payments to contractors( during the Financial year 2008-09). What if he has not deducted tax at source?Please clarify.
Sree Prakash

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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26 September 2009 The payments to contractors will be disallowed i.e. expenses will be added back to profit for computation of business income in addition to levy of penalty upto an amount equal to deductible TDS on the payment made.

Ratan Sharma

Ratan Sharma (Expert)
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26 September 2009 He is not liable to deduct TDS as this is the first year of audit of his books of accounts. Therefore need not have to deduct the TDS.
Remember, Expenses if debited to profit & loss account can only be added back if the TDS is not paid.

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