07 June 2008
The due date is 7th Apr/31st May as clarified in earlier answers.
The earlier provision was, if not paid within the above mentioned time limit, expenses were disallowed in the year of deduction and allowed in the year of actual payment.
The recent changes has given some relief with respect to disallowance for tds deducted in the month of March. As per the ammended provision, march tds can be deposited till due date of filing return of income and if done so, the expenses will be allowed in the year of deduction itself.
It may please be noted that, if tds is remitted after 7th Apr/31st May, penal interest at applicable rate has to be paid.
CAclubindia
