09 July 2010
If TDS for march 31st2010 provision entry was deducted but not deposited before may 31st 2010, but it was deposited in july2010... will the expense be disallowed in the Assessment year 2010-11???
09 July 2010
NO. THE EXPENSES WILL NOT BE DISALLOWED IN AY 2010-11. TDS IS PAYMENT OF STATUTORY DUES SO NO QUESTION OF DIS ALLOWANCE IN PREVIOUS YEAR 2010-11 ARISES. TDS PAYMENT IS NOT AN EXPENSE.
09 July 2010
The law relating to disallowance of expenses on account of non payment of TDS has been amended vide Finance Act, 2009. Expenses are allowed, if the TDS is paid on or before the due date of filing return of income.
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