Tds

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If in ass. Year 2009-10 we paid 700000 Rs to transporters without deducting TDS under  section 194C .

AO disallow the expenditure & increase the income by 700000.

can we paid TDS on Rs 700000 today & claim Expenditure  in current year

If yes please tell me the procedure to do this .

Replies (1)

Absolutely Yes....Provisio to Section 40(a)(ia) specifically allows the deduction of such expenditure in the year in which  TDS is paid....


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