TDS amendment Quieries


Ranganath AAGJ (CA Final Student)     07 May 2008

Ranganath AAGJ
CA Final Student 
 147 points

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My quarry is on amendments of Section 40(a)(ia). As per amendements
if TDS not deducted and deposited upto 01-03-2008, then exp. will not allow
in the P.Y. 2007-08. But if TDS for March 2008 is deducted and deposited
upto 30-09-2008 then it will be allowable in P.Y.2007-08.
Now my question is that if tax is deductible throughout in the year 2007-08,
but it was not deducted and deposited upto 01-03-2008, but the amount of
TDS of full year  was deducted on 31-03-2008 and then deposited whole of the
TDS amount of full year 2007-08 in the month of May 2008 then whether it will be 
allowable in the P.Y. 2007-08 ?
In this case the TDS of April 2007, May 2007, Jun 2007 and so on was not
deducted on the date of payment but it was deducted on 31-03-2008 and deposited
in May 2008

sathya (article student)     07 May 2008

sathya
article student 
 20 points

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As per section 40(a)(ia)-tds to be deducted on Payment or bill whichever is earlier basis.So,Tds accurued for the month Apr 07 to Feb 08 to be paid Every month 7th .But March 08,Tds to be paid before 30.09.2008.then only the expenses allowed for The Py:2007-2008.

avater

CA. Kirti S. Ganatra (Service)     07 May 2008

CA. Kirti S. Ganatra
Service 
 10 likes  1461 points

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I agree with you Sathya

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Ramesh B. Uplana (CA) (Audit Genral Manager)     19 May 2008

Ramesh B. Uplana (CA)
Audit Genral Manager 
 1 likes  74 points

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YOU SATISFICATION COMMENTS ON SATHYA

(Guest)

I was just looking for the text of amendment in TDS

(Guest)

I was just looking for the text of Amendment In TDS

(Guest)

1-I was looking for text of TDS amendment

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hanisha (C.A)     03 June 2008

hanisha
C.A 
 20 points

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the amedment in the sec 40(a) iia is applicable only the expense booked in the financial statement  on the last day of the financial year i.e 31st march and it will not applicable to the whole year . if any expense booked in the books and tds on that deducted then the payment  for that tds amt will be allowed upto 30.9 i.e before filing the income tax return.

Jaikeshen k j (Finance Consultant)     04 September 2008

Jaikeshen k j
Finance Consultant 
 39 points

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I was told that TDS should be deducted before service tax etc while deducting on Contract / Professional chrgs, which is applicable from 28.04.2008

ISRAiL (CA Student)     22 September 2008

ISRAiL
CA Student 
 0 points

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My quarry is on TDS on Salaries if TDS not deducted and deposited upto Due date of Return filling, then is exp. allow or not in the P.Y. 2007-08.


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