TDS late paid. Exps allowed or not
This query is : Resolved
seema singla
(Querist)
05 May 2010
The co. is paying expenses to a contractro after deducting TDS.
It deducted TDS on 28.2.2010 and 31.03.2010. But not depostited the same till now. I know the TDS deducted in the m/o march can be paid upto 31.5.2010 or before due date of return and the expense is tax deductible. My query is regarding Feb entry on which TDS has been deducted but paid in the month of may. I want to know whether the expenses of feb on which tds is deposited in the m/o may is tax deductible or not.
Please reply
Thanx
It deducted TDS on 28.2.2010 and 31.03.2010. But not depostited the same till now. I know the TDS deducted in the m/o march can be paid upto 31.5.2010 or before due date of return and the expense is tax deductible. My query is regarding Feb entry on which TDS has been deducted but paid in the month of may. I want to know whether the expenses of feb on which tds is deposited in the m/o may is tax deductible or not.
Please reply
Thanx
Shyam Lal Naik
(Expert)
05 May 2010
The disallowance provision has been rationalised in this years budget. TDS, if deposited on or before due date of filing of return of income is allowed.
This amendmanet is applicable for the Assessment Year 2010-11 onwords.
Hence, TDS deducted in Feb'10 and deposited in May'10 is allowable.
This amendmanet is applicable for the Assessment Year 2010-11 onwords.
Hence, TDS deducted in Feb'10 and deposited in May'10 is allowable.
05 May 2010
IF PAID BEFORE DUE DATE OF RETURN EXPENSE IS ALLOWABLE. BUT PAY ALONG WITH INTEREST.
05 May 2010
agreed with expert. If it is depoisted with interest before filing of ITR , then it is allowed in the same year, otherwise it is allowed in that financial year in which it is deposited.i.e it is allowed FY 2010-11 return.
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