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Tds provision

This query is : Resolved 

if tds is deducted late and interest is required to be paid for that .. but only tds amount is deposited and interest is not paid before filing of return .. will the expenditure be allowed in the current year if interest amount is paid after filing of return


Yes the expenditure will be allowed if the TDS so deducted is deposited before the due date of filing of return.

But remember that on the scrutiny from A.O.(TDS)of your ward/circle, the A.O. will raised the demand of interest along-with penalty. As such it is better for ur company to deposit the interest and revise the TDS return for relevant period, because the default will continue till the date you do not deposit the interest on TDS.

suppose in the above case only 50% of deducted is deposited before filing return , tn how much expenditure will be allowed? will it be proportional or compltely allowed.


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