28 March 2016
Dear Sir,
I need clarification regrading TDs liability on advance payment to contractor,
My client has not deducted TDs on advance payment to contractor
what is liability and disallowance as per income tax ?
please clarify ,
Thanks & Regards
Y. Rajendra
28 March 2016
Dear Since the TDS is not deducted on advance then deduct it now and pay the tax to govt along with interest. You can deposit tax befoe the last date of audit of F.S. If then also the tds is not deducted then 30% of the exepense will be disallowed and it will be allowed in the year in which the tds is deducted and deposited.
CAclubindia
