Priyank Phadnis (Chartered Accountant) (29 Points)
04 November 2008How is section 40a(1a) to be interpreted??
When is the tax to be deducted and paid to the credit of Central Government?
Under which circumstances can expense be allowed as deduction?? Please considerF.Y.2009-10 i.e.AY 2010-11
Situation - TDS deducted on 29th feb 2009 till when can it be paid to avail deduction in same year??
Situation : TDS deducted on 5th March 2009 till when can it be paid to avail deduction in same year??
Amit
(Service)
(42 Points)
Replied 04 November 2008
1.) i do not know
2.) April to Feb Deducted TDS then Paid 7th on next month for the m/o-1st to 30th mar TDS deposit for next month 7th but date 31st Mar TDS Deposited 31May
3.) yes if u TDS deposited before file the return then expenses are exempted
amit k singh,
B.Com (H), M.Com, MBA-Finance
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 04 November 2008
If TDS is not deducted on amount liable to be deducted by the assessee then the amount on which TDS was not deducted will not be considered as an allowable expenditure while determining business/professional profits
ashish lohiya
(chartered accountants)
(58 Points)
Replied 07 November 2008
| Originally posted by :S.Srinivasaraghavan | ||
| " | If TDS is not deducted on amount liable to be deducted by the assessee then the amount on which TDS was not deducted will not be considered as an allowable expenditure while determining business/professional profits | " |
Hello Sir,
Assessee could not deduct TDS and since it will not be allowed as business expenses, lateon he pays TDS himself... now whether it will become allowable expenditure (Ex/In cluding TDS)
-ASHISH LOHIYA
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 07 November 2008
Dear Mr. Priyank,
|
Situation
|
Particular
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Date till which if paid will be allowable in for A.Y. 2009-10
|
|
Situation 1
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Tax was deductible in the month of February 2009
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7th of March 2009 without Interest,
31st of March 2009 with penal Interest
|
|
Situation 2
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Tax was deductible in the last month (March 2009)
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7th of April 2009 if it is regular entry,
30th May 2009 if it is occurs once to settle years transaction
30th September 2009 with penal Interest (for auditable assesses)
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| Originally posted by :Priyank Phadnis | ||
| " | How is section 40a(1a) to be interpreted?? When is the tax to be deducted and paid to the credit of Central Government? Under which circumstances can expense be allowed as deduction?? Please considerF.Y.2009-10 i.e.AY 2010-11 Situation - TDS deducted on 29th feb 2009 till when can it be paid to avail deduction in same year?? Situation : TDS deducted on 5th March 2009 till when can it be paid to avail deduction in same year?? |
" |
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