non deduction of TDS on interest

TDS on interest for the Financial Year 2009-10 has not been deducted. How can it be rectified, so that the expense amount can become allowable.

Can it be paid alongwith interest upto 30th September 2010

Replies (3)

First thing if the interest is not yet paid and only booked on 31/03/2010, then you can deduct TDS and deposit it without interest upto 15 may 2010. but if it is paid in earlier date u can deposit it with interest upto sep.2010.

Dear Amit,

Due date for TDS deposit

TDS deductible and deducted up to feb 2010 -  Before 31st March,2010

In the above case if TDS deposited after 31st march, 2010, expenses can be claimed in the FY 2010-2011 , if deposited in FY 2010-11.

TDS deductible and deducted in the month of march - before the due date of filing the return.

In the above case if TDS deposited after the due date of filing the return - expenses can be claimed in the FY 2010-11., if deposited in FY 2010-11.

The Finance Bill 2010 has proposed to amend section 40(a)(ia) for allowing deduction for expenses on which TDS is paid upto the due date of filing return w. r. e. f. 01.04.2009. So no dsiallowance in your hands if TDS paid before 30.0910.

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