TDS late deposit

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Ca Anurag (Querist)
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14 September 2009 TDS deducted in jun'08 deposited now in Sep'09 before the due date of filing return. so will the expenditure on which TDS is deposited late by will allowable for 2008-09 or it will be allwd in 2009-10?

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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14 September 2009 It is allowed int he year in which tds is deducted

Ca Anurag

Ca Anurag (Querist)
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14 September 2009 but as per rule....TDS deductible on Mar'09 can only be allowed if paid before filing returns...but it it is other than mar'09 it should be paid before 31sr mar'09?
plz confirm whtr in my case it is deductible in 2008-09 or 2009-10 as i paid TDS for jun'08 in sep'09

CA HANI

CA HANI (Expert)
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14 September 2009 In case TDS deposited beyound 31.05.2009 , only the expenses booked on 31.03.2009 will be allowed in the year of deduction else it will be allowed i the year of TDS payment

chetan soni

chetan soni (Expert)
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14 September 2009 yes, TDS deducted in Mar 09 & paid before due date of return of income then it is allowed as deduction in the year of deduction.

If the TDS is deducted from Apr to Feb & paid in the same financial year then it is allowed as deduction. If the same is paid after mar then it will be allowed as deduction in the year of TDS payments as per sec 40(ia).

Manoj

Manoj (Expert)
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14 September 2009 Anurag,..Expense booked in June'08 will be disallowed.

Manoj

Manoj (Expert)
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14 September 2009 Benefit of this expense can be taken in next financial year (2009-10)

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