25 October 2013
I have claimed an expenditure of Rs 66000 as Finance Charges paid to Magma Finance for FY 12-13 but I have not deducted and deposited TDS on the above amount. Now my accounts have been audited and return has been filed. I want to know what can be solution to this problem Please suggest me
27 October 2013
see, if you are able to establish that the recipient of the income has duly filed the tax return and discharged tax liability on such income, then you need not worry. else the said expense of Rs 66,000 shall be disallowed.