TDS

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CA.Ritu Agarwal (Querist)
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25 March 2010 Hello, can anybody give me the present provisions of TDS. What is the due date for deposit of TDS by an individual(subject to Tax Audit) in case of Rent. If the assessee does'nt deposit within the same financial year but deposits before submitting the return , can he claim deduction. what are the consequences..

please explain with Section No.

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 March 2010 Due date of remitting TDS(194I) on rent is one week from the last day of the month in which deduction is made.
If tax is deducted during last month it can be deposited on or before the due date of filing the return of income and deduction will be allowed. Section 40(a)(ia) (A)
If tax is deducted for months other than the last month TDS has to be deposited on or before the last day of the previous year to get deduction.Section 40 (a)(ia) (B).

However, the Budget,2010 proposes to amend the section w.e.f 01/4/2010 in such a way that expenses will not be disallowed if the tax deducted for all the months is deposited before the due date of filing of the return. Clause 12 (a) of The Finance Bill,2010.

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