TDS on payments under section 195
This query is : Resolved
CA skmnair
(Querist)
15 September 2009
Company fail to deduct and pay TDS which is related to November 08, later on TDS deducted in March 09 and paid in June 09, in the present case whether disallowance u/s 40(a)(i) will apply ????, case is purely related to foreign transaction. Here foreign payment still due. My understanding in foreign transaction also TDS have to deduct at the time of credit or payment which ever is earlier, here credit was in Nov 08 and TDS deducted in March.
CA skmnair
(Querist)
15 September 2009
Hi Jitender thanks for your reply.
Section 195 also mandates TDS to be deducted at the time of credit or payment which ever is earlier, in this case credit is in Nov08 but TDS deduction is in march, so there is no problem for the same?
Section 195 also mandates TDS to be deducted at the time of credit or payment which ever is earlier, in this case credit is in Nov08 but TDS deduction is in march, so there is no problem for the same?
CA. Bikash Bogi
(Expert)
15 September 2009
u will not allow deduction of expenditure u/s 40 (ai) there are specific provisions for non residents payments.
CA skmnair
(Querist)
15 September 2009
Thank you bikash
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