Tds for the month of aug,10

This query is : Resolved

Guest

Guest (Querist)

18 August 2011 my clients made advance payment to contractor in month of aug,10... tds has been deducted at the time of payment ...but the same is not deposited with government till march,11
the exps in nature of contract fees has not yet been booked in P & l for fy 10-11
can there be dis allowance of contract payment u/s 194c only on advances

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 August 2011 section 40a(ia) applicable for advance paid against the expenses also as referred this section

(ia) any interest, commission or brokerage, 19 [rent, royalty,] fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work (including supply of labour for carrying out any work), on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, 20 [has not been paid on or before the due date specified in sub-section (1) of section 139 :]

Guest

Guest (Querist)

19 August 2011 since i have not allowed the expenditure while calculating my profit than how can i disallow it while calculating profit for taxation purpose

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 August 2011 Yes. Ofcourse when you are claiming the expenses under section 30 to 38 of Income tax act, then disallowance apply. When you claiming the expenses it will be disallowed. But the non payment will be reported in tax audit report

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