Tds on brokerage

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2014 tds on brokerage not deducted , then what will be consequences if not deposited before filing ITR
OR
if paid before filing income tax return
tds and Interest what will be consequences,

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 September 2014 Refer Sec 40.

If not deposited within due date of filing of return entire expense will be disallowed. applicable for AY prior to AY 2015-16.

Amendment made vide Finance Act 2014:

Section 40(a)(ia) made applicable to all sum payable to a resident on which tax not deducted at source under chapter XVII-B. Disallowance restricted to 30% of the amount of expenditure claimed. This is applicablr from AY 2015-16.

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