TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2011 Can TDS applicable on capital expenditure like as Building costrustion contract ? If yes ,what will hapen in the case of not deducting of TDS will deprication on that asset will disallow . Pls provide me case law regarding this.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 January 2011 TDS applicable on Capital expenses also. but incase not deducted there is no disallowance of depreciation, but it will be noted on tax audit report and while asseesment the amount which is not deducted may levied as penalty by A.O

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2011 sir what happen when a company is not liable for Tax audit U/s 44 AB.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 January 2011 Individuals those are not covered under sec,44AB they are exempted from deduct TDS

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2011 Sir am not talking about individual if any company who has not started its commercial production and is not liable for Tax Audit U/s 44 AB then what happen?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 January 2011 There is no provision like that, companies whether cover under Sec.44AB or not & commercial production starts or not we need to deduct TDS

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