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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR-Capital Gain
- CLOSING STOCK QUERY
- Gst on travel by air for business purposes
- GST ISD Query on various AMCs
- IT returns for fresh job holders
- F&O reporting in ITR
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Sale of Mutual Funds In Diffirent Financial Years
- CASH GIFT FROM BLOOD RELATIVE
- Itr processing refund
- U/S 194 T
- TDS refund Indemnity Bond
- ITC BENEFIT ON BROKRAGE PAID
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
