Tds not deducted

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This query is : Resolved

CA Satish Gupta (Querist)

20 October 2014 We are a firm of advocates. We have paid Rs 60 lakhs @ Rs 5 lakhs per month to Mr. X without deducting TDS in FY 2013-14. Mr. X has deposited due taxes computed, taking this income of Rs 60 lakhs in his total income, as advance tax on 15.03.2014. However, Mr. X has filed his return on 20.10.2014 (For AY 2014-15).

Can we claim Rs 60 lakhs as expense of the firm in FY 2013-14 (AY 2014-15) under any provisions of the I.T. Act? Or is there any solution to claim the expenses of Rs 60 lakhs in FY 2013-14 (AY 2014-15)?

Nikhil Kaushik

Nikhil Kaushik (Expert)

20 October 2014 you can get deduction subject to availability of certificate issued by a Chartered Accountant as provided under proviso to section 201(1)

CA Satish Gupta

CA Satish Gupta (Querist)

25 October 2014 Sir, Mr. X (to whom professional fee has been paid has not filed his ITR yet)

will your reply be changed?

CA Satish Gupta

CA Satish Gupta (Querist)

25 October 2014 sir, mr x has filed his ITR

CA Satish Gupta

CA Satish Gupta (Querist)

31 October 2014 Sir, Mr. X has filed ITR on 20/10/2014 i.e. after the due date. However before the extended due date.

Will your answer be changed

Nikhil Kaushik

Nikhil Kaushik (Expert)

02 November 2014 No. If it is within the due date applicable to him, answer wont change..