TDS Deduction
This query is : Resolved
25 November 2010
TDS should be deduct at the time of making the payment or booking the Expenses which ever is earlier...
so Client is not deducted TDS in time ..there is delay deduction in TDS ..so it's mean Delay deposition also
so whether these Expenses are disallowed in IT act???or which Section??
so Client is not deducted TDS in time ..there is delay deduction in TDS ..so it's mean Delay deposition also
so whether these Expenses are disallowed in IT act???or which Section??
25 November 2010
Expenses are allowed if you deposit the TDS before due date of filing of your IT return.
But u will have to pay interest on late deduction @1% p.m..
If deducted but late deposited interest will be 1.5% p.m. apart from this penalty u/s 221 may be imposed to the extent of TDS involved on delay in depositing the TDS.
But u will have to pay interest on late deduction @1% p.m..
If deducted but late deposited interest will be 1.5% p.m. apart from this penalty u/s 221 may be imposed to the extent of TDS involved on delay in depositing the TDS.
25 November 2010
So it necessary to compiled the Condition to pay interest on Delay deduction and deposition for allowed the expenses
25 November 2010
Yes you have to pay the interest or else later a demand notice will be sent to you.
Even if you deposit the TDS without interest the expenditure will be allowed, but ultimately you will have to pay the interest.
Even if you deposit the TDS without interest the expenditure will be allowed, but ultimately you will have to pay the interest.
26 November 2010
Is TDS deduct on nature of Capital Expenses??
Example =194C =if payment made to Contractor for Interior Design work but these Expenses are nature of Capital Expenses so required to deduct TDS
Example =194C =if payment made to Contractor for Interior Design work but these Expenses are nature of Capital Expenses so required to deduct TDS
26 November 2010
For details see following link--
https://www.caclubindia.com/forum/details.asp?mod_id=109491
https://www.caclubindia.com/forum/details.asp?mod_id=109491
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