TDS for the year 2009-10 paid in sept 10

This query is : Resolved

sonal (Querist)
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06 September 2010 with respect to few bills of jan to march 2010, tds is paid in the return of august. i.e. september 2010
What will be the penalty and interst? will the expense be available as a deduction for the year 2009-10?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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06 September 2010 TDS to be deductible at the time of payment or credit whichever is earlier.

Interest payable from the earliest of the above date till the date of payment.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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06 September 2010 Bill are credited during Jan,10 To March,10. OK So TDS was also to be deducted on the same time.

Interest @ payment : 1 % of TDS amount per
month till June,10 &
1.5 % of TDS amount per
month from July,10 to
Sept,10

Expenses will be allowed if the ITR is file after the payment of TDS with interest.

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sonal

sonal (Querist)
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06 September 2010 What about section 40a(1A)? will that be applicable?

sonal

sonal (Querist)
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06 September 2010 What abt section 40a(1A)? will the expense be disallowed under it?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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06 September 2010 If TDS has been deducted in the previous year and being paid now then the expenses will not be disallowed u/s 40(a)(ia).

sonal

sonal (Querist)
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