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?
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.
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