What are the consequeces if, I have give a contract for making furniture in our office premises and no TDS has been deduct u/s-194C and release the payment.
What are the consequeces if, I have give a contract for making furniture in our office premises and no TDS has been deduct u/s-194C and release the payment.
This is the default u/s 40(ia) & the expenditures against which payments have not been made, will not be allowed as deduction in the Income Tax Act.
I am asking in respect of capital expenditure. ie Payment to Carpenter for making furniture which has to be capitalised.
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