TDS deducted but not deposited on time
This query is : Resolved
08 July 2008
What will happen if Tax deduted on salary for Qaurter 2 to 4 n deposited after March of current year
08 July 2008
Dear Vijay,
Interst shall be levied for the delay payment of TDS
Further, the expense shall be disallowed in the computation of total income for that year and shall get allowed in the year in which such TDS gets deposited.
Rgds/
Vineet
Interst shall be levied for the delay payment of TDS
Further, the expense shall be disallowed in the computation of total income for that year and shall get allowed in the year in which such TDS gets deposited.
Rgds/
Vineet
08 July 2008
Unlike other payments,the Salary paid is not covered under section 40(a)(ia) and the same is allowable as an expense even if the TDS is not deposited in due time. However, other expenses are not allowed as an expenses under the condition that TDS is not deposited before the end of previous year or the due date of filing of return, as the case may be.
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