Less deduction of TDS
This query is : Resolved
05 July 2009
During audit of a PSU i found on certain expense (payment exceeding Rs 1 crore), TDs has been deducted @ 2.6%. Surcharge though applicable but was not deducted. Tell me consequences as the last date for deposit of TDS for FY 2009-10 i.e 31st May, 2009 has been passed.
05 July 2009
proportionate exp will be disallowed u/s 40.
for the month of march, u can deposit it upo 30th sep to allow it.
for the month of march, u can deposit it upo 30th sep to allow it.
06 July 2009
Hi,
As per section 40(ia) , tax has to be deducted as per the prescribed . If the tax is not deducted at prescribed rate or deducted at low rates then whole of the expenses will be disallowed. In my opinion there is no provision for proportionate allowance of expenses.
In your case, as the surcharge is not deducted whole expenses will be dissallowed.
Experts plz clarify if any other consequences are there.
As per section 40(ia) , tax has to be deducted as per the prescribed . If the tax is not deducted at prescribed rate or deducted at low rates then whole of the expenses will be disallowed. In my opinion there is no provision for proportionate allowance of expenses.
In your case, as the surcharge is not deducted whole expenses will be dissallowed.
Experts plz clarify if any other consequences are there.
07 July 2009
only proportionate expenditure will be disallowed.
you can take as only for such amount has been deducted fully n for others not deducted. and so proportionate wil only be disallowed
you can take as only for such amount has been deducted fully n for others not deducted. and so proportionate wil only be disallowed
07 July 2009
Expense is disallowed only if
1) Tax is not deducted
2) Tax is deducted but not paid to CG treasury.
So, there will not be any disallowance.
But penal provision for non-compliance of TDS procedures can be attracted.
1) Tax is not deducted
2) Tax is deducted but not paid to CG treasury.
So, there will not be any disallowance.
But penal provision for non-compliance of TDS procedures can be attracted.
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?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
