15 June 2011
Suppose a Trust Deduct TDS ,but do not deposit TDS before filling of return,what are consequences , 1. wheather the expenses should be disallowed
if disallowed , what is the treatment,as trust is exempted from tax.
15 June 2011
Yes the expenses will be disallowed apart from this penalty proceeding may be initiated u/s 221 for late deposit of TDS. (Maximum Penalty 100% of Tax Amount)
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