DEDUCTIBILITY OF EXPENDITURE WHERE TDS HAS NOT BEEN DEDUCTED
DEDUCTIBILITY OF EXPENDITURE WHERE TDS HAS NOT BEEN DEDUCTED
Section 40(a)(i)
Interest, Royalty,
FTS, etc Payable
Outside India/Payable to Non-Resident
Applicability of Section-
40(a)(i) - Conditions
•
The amount is paid/payable:
❑
to any person outside
India; or
❑
to a non-resident in India or a foreign
company in India.
•
The amount paid is in the nature of interest, royalty,
fees for technical services or any other sum.
• Such amount is chargeable to income tax in the hands of the recipient under the Income Tax Act, 1961 and TDS is required to be deducted u/s 195 or any other section.
When
Disallowance is Applicable
Interest, royalty, etc would be disallowed in the
following two cases:
• Case 1: Tax has not been deducted at source in the current year; or
• Case 2: Tax has been deducted at source during the current year but has not been deposited with the government till the last date of submission of return u/s 139(1).
Amount of Disallowance
The entire amount of interest, royalty, fees for technical services shall be disallowed in the current year if either of the above two cases gets attracted.
Reversal of Disallowance
The amount which is disallowed in the current
year shall be allowed as deduction in the year
in which tax deducted at source is deposited with the government by the pave,.Demo Classes of Tax by Prof. Vinit Sir: https://www.conceptonlineclasses.com/demovideos
Visit Website: https://www.conceptonlineclasses.com/
#DEDUCTIBILITYOFEXPENDITUREWHERETDSHASNOTBEENDEDUCTED
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