Tds

This query is : Resolved

Sanjay Tiwari (Querist)
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09 June 2014 suppose TDS is not deducted on Rent & professional fees paid and the said expenses is booked in P&L A/c is it allowable as per income tax.

Ganeshbabu K

Ganeshbabu K (Expert)
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09 June 2014 It is disallowed if TDS not deducted

Ganeshbabu K

Ganeshbabu K (Expert)
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09 June 2014 It is disallowed if TDS not deducted

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Sandeep Dharar

Sandeep Dharar (Expert)
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09 June 2014 As per me it will b allowed if paid other than Cash. And TDS should b deposited by the deductor from his own source if he forgets to deduct TDS.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 June 2014 no sandeep. If TDS is not deducted and deposited, it is disallowed.

However, the same can be allowed two cases:

under first proviso to section 40(a)(ia) in the year in which TDS is deposited in any future year or

under seond proviso if the deductee has paid the tax on the said income and has given certificate in Form 26A.