02 April 2010
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
03 April 2010
Please refer Section 40a(ia) of Income Tax Act,1961. As per the amendment made by FA 2008, the TDS for m/o March can be paid upto the date mentioned in Sec 139(1) and for the other months it can be deposited upto last day of the previous year i.e. 31st march.
As per the proviso, if the amount is subsequently deposited in next year, the expense will be allowable in the same PY in which the amount is deopsited.
Please confirm me the correctness of above provision as understood by me.
CAclubindia
