consequences of Tds from contract
This query is : Resolved
03 October 2008
if i have incurred the expences in January which is under the head of contract and i had deduct tds but paid in the month of April. Are this Expences are allowed in the year in which i have deduct the tds?
when this expences are allowed?
when this expences are allowed?
03 October 2008
TDS should have been made in the following month of credit. Therefore interest for delayed remittance would arise. If you have remitted the tax before filing of return, expenditure would be allowed.
03 October 2008
TDS is to be paid on 7th of next month.
In your case it will attract Interest u/s 201(1A)@ 12%.
If you have deosited such amount before return filing due date expenditure can be claimed as deduction.
Sec 271C penalty will also not be levied.
In your case it will attract Interest u/s 201(1A)@ 12%.
If you have deosited such amount before return filing due date expenditure can be claimed as deduction.
Sec 271C penalty will also not be levied.
04 October 2008
As per section 40(a)(ia), in your case,the expenses will be allowed in the year in which you have deposited the TDS.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
- Need to correct "Whether it is last installment " response in Form 26 QB
Trending Online Classes
CAclubindia
