TDS payment date

This query is : Resolved

Tilak Agrawal (Querist)
Follow

25 March 2009 sir/madam
plz tell me the last day on which the tds can be paid in order to claim expenditure in profit and loss for financial year 2008-2009 ? TDS is deducted during the whole year but unpaid till 31 march?

CA J M Pattanayak

CA J M Pattanayak (Expert)
Follow

25 March 2009 From the date of deduction you should make the payment within 7 days. and for the month March payment before 31st May.
In your case u have deducted TDS but not paid for the whole year, in that case the expenses is not allowable under IT Act.
Only after making payment of TDS you can claim expenses in that particular year when u have paid the amount

Tilak Agrawal

Tilak Agrawal (Querist)
Follow

25 March 2009 Suppose we have paid rent of rs 100000/- per month and deducted rs 20000/- per month on a/c of TDS ,Till Today we have debited Rs (120000*12)14,40,000/- to our P/L A/c . But TDS is not Paid monthly, My Question is this that IS there any way so that i can claim expenditure i am ready to pay it with interest? Still there is five days left in march...

CA JAIMIN TRIVEDI

CA JAIMIN TRIVEDI (Expert)
Follow

25 March 2009 All tds deducted upto February has to be paid by 31st March for allowance of expenditure. But any TDS dedcuted during the month of March, if paid before the due date of filing the return of income will be allowed as expenditure during the previous year.

CA JAIMIN TRIVEDI

CA JAIMIN TRIVEDI (Expert)
Follow

25 March 2009 In your case, TDS of 20000 for 11 months, i.e. Rs.220000/- has to be paid with interest before 31st March. TDS of Rs.20000/- can be paid either by 7th April 2009 or before the due date of filing the return of income.