Urgent
This query is : Resolved
01 October 2012
Dear Sir,
In case of an individual assessee whose case is liable to audit.
Payment to a sub-contractor is Rs. 1 lac and thereon said assessee did not deduct tds.
Now please advise me if the case comes in scrutiny, then department will impose penalty equal to tds amount ie Rs. 1000/- or
the whole payment would be disallowed as business expenditure.
If yes then under which section.
Please clarify.
In case of an individual assessee whose case is liable to audit.
Payment to a sub-contractor is Rs. 1 lac and thereon said assessee did not deduct tds.
Now please advise me if the case comes in scrutiny, then department will impose penalty equal to tds amount ie Rs. 1000/- or
the whole payment would be disallowed as business expenditure.
If yes then under which section.
Please clarify.
01 October 2012
IT WILL B DISALLOWED UNDER SECTION 40(a)(ia)
01 October 2012
That means Rs. 1 lac would be added to the assessee income and Rs. 1000/- would be levied as penalty for non deduction.
Am I right?
Am I right?
29 July 2023
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