dear sirs, one of our client have paid interest Rs. 3 lakhs on loan without deducting TDS during the year 2008-09 , the same has disallowed in the computation taxable income for the A.Y 2009-10. During the year 2009-10 , the client had paid the TDS on interest for the year 2008-09 , I have the following doubts:1. Whether the TDS can be paid for the A.Y 2009-10 or 2010-11
2. For which A.Y the TDS cetificate to be issued.
kindly guide me in these doubts
Dear Joji Jose,
Since U have already made the payment during FY 2008-09, hence question of deduction out of that Income does not arise..
U have to deduct TDS from the Interest of FY 2009-10 & issue TDS accordingly, i:e For AY 2010-2011.
Remember TDS has to be deposited alongwith Interst @ 1% per month(part of the month is treated as full month).
On deposit of TDS along with Interst, U will get the deduction of the expenditure in FY 2009-2010.
Payee can claim TDS in AY 2010-2011
CAclubindia
