delay depoist in tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2010 One my client has deduct TDS during April to febuary 2010. But Tds is depoisted on May, 2011. Can i allow it.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

09 August 2010 Yes. But the payment should have been made along with interest @1% p.m. from the date of deduction till date of payment. Part of month to be taken as one month.

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2010 Thanks

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2010 Thanks, but how it is shown in audit report

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

09 August 2010 AGREED WITH SANJAY JI, IT WILL BE ALLOWED IF IT IS DEPOSITED WITH INTERST AS PER ABOVE.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

09 August 2010 if the TDS paid alongwith the interest for late payment, the expenses will be allowed as the same , apparently , has been paid befor filing of income tax return

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

09 August 2010 IN AUDIT REPORT, ANNEXURE FOR TDS SUMMARY IS GIVEN IN WHICH TDS , DUE DATE, DATE OF DEPOSIT , AMOUNT DUE ,AMOUNT DEPOSITED , REMARKS,
IN THIS CASE AMOUNT DEPOSITED IS HIGHER THAN AMOUNT DUE, IE IN REMARKS COLUMN IT WILL BE SHOWN AS INTERST .

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2010 Thanks

Upgrade to CAclubindia Pro. Subscribe Now!