23 September 2024
Dear Sirs : As per thumb rule TDS to be deducted at the time of credit or payment whichever is earlier. My querry is that an assessee had deposited TDS amount after 90days from date of invoice THAN can assessing officer disallow the purchases on which TDS return is late filed ? Can you suggest the rectification to be done, if TDS has been deducted (u/s 194 Q) at the time of payment to suppliers which is 90 days from date of supply / tax invoice. Regards
24 September 2024
Disallowance under section 40a(ia) is attracted when tds deducted is paid after due date of filing return. 70% of tds deductible expense/purchase shall be disallowed. What is the due date of payment of tds whether it is done before due date of filing the IT return for the relevant financial year?
CAclubindia
