tds related expn disallowence
This query is : Resolved
04 October 2009
plz study below case
one of my client paid transportation charges(covered under pay to contractor) in 29-december-2008 amnt rupees 200000/- but not deducted tds at that time and hence not deposited too.but in audit queries is raised assese approched to deposit tds amuont before filling return.Is above expense allowed as deduction in f.y 2008-09 or allowed as deduction in f.y 2009-10.
one of my client paid transportation charges(covered under pay to contractor) in 29-december-2008 amnt rupees 200000/- but not deducted tds at that time and hence not deposited too.but in audit queries is raised assese approched to deposit tds amuont before filling return.Is above expense allowed as deduction in f.y 2008-09 or allowed as deduction in f.y 2009-10.
04 October 2009
if you have deposited TDs with Interest befour return mentioning A.Y. 2009-2010. exps. will be allowed in relavent year ie 2008-2009.
04 October 2009
05 October 2009
expenses will be allowed in year 08-09 ( ie in the year of expenses incurred) provided the TDS is deposited before the due date of filing of return
05 October 2009
as per my opinion which is a bit different from the above to experts;
in your case the exp will be disallowed in fy 2008-09 and will be allowed in fy 2009-10 ie in the year in which the tds is paid to the credit of Central govt.
because the provision is as follows :
(gist)
exp upto feb.- tds should be deposited upo 31st march for the allowability of exp.
exp for the month of march- tds should be deposited before the due date of filing of return.
in your case the exp will be disallowed in fy 2008-09 and will be allowed in fy 2009-10 ie in the year in which the tds is paid to the credit of Central govt.
because the provision is as follows :
(gist)
exp upto feb.- tds should be deposited upo 31st march for the allowability of exp.
exp for the month of march- tds should be deposited before the due date of filing of return.
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