TDS on intt paid on later date
This query is : Resolved
26 June 2009
An assessee paid intt in Dec. 2008 and TDS was deducted on the same day. But the same was deposited on 20 May 2009.My query is whether the intt amount is deductible for the A.Y. 2008-09 or 2009-10.
26 June 2009
Seema,
Interest dr. to profit & loss a/c for the year 2008-09 will be disallowed.
Same will be allowed in 2009-10.
Interest dr. to profit & loss a/c for the year 2008-09 will be disallowed.
Same will be allowed in 2009-10.
26 June 2009
allowed in the year in which you have deposited TDS
26 June 2009
Take a reference of Section 43B of I.T. Act, 1961. It says if any sum in name of tax, duty, cess or fee is paid on or before the due date of submission of return of income and the evidence of such payment is submitted along with the return of income, then the expenditure is deductible on "accrual" basis in the year in which the liability is incurred.
Hence, this interest expenditure is deductible in FY 2008-09 if we enclose the evidence of TDS with return of income.
Hence, this interest expenditure is deductible in FY 2008-09 if we enclose the evidence of TDS with return of income.
26 June 2009
Interest will be allowed in F.Y. 2009-10 A.Y. 2010-11. Sec. 43B not relevant. Refer sec. 40(a)(ia).
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