Late payment of tds & late deposit of TDS Return

This query is : Resolved

DEEPAK GOYAL (Querist)
Follow

12 July 2008 can anybody tell me about the effects of late payment of tds & late deposit of tds return for ass. yr. 2008-2009 and 2009-2010 in detail. this is very urgent (pls.)

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
Follow

12 July 2008 In case the TDS(Except that on salaries) is deducted in the last month of the previous year and not deposited by the due date of return u/s 139, then the relevant expense is disallowed u/s 40(a)(ia)of the ITAct. In other cases it is to be paid in the previous year itself, otherwise the same is disallowable. The expenses disallowed u/s 40(a)(ia) are deductible in the year wherein these are actually paid.