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TMI BlogLate deposit of TDS-Section 40AX X X X Extracts X X X X X X X X Extracts X X X X ..... Company A is undertaking Turnkey contracts offloading 100% work to its JV partner Company B after keeping margin of 2%. In the year end March 2011, job worth Rs. 10 crores executed by Company A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... offloaded to Company B. Company B accounted contracting income of Rs. 9.80 crs which in turn is expense of Company A. Company A has to deduct TDS @ 2% from Rs. 9.80 crs i.e. Rs.19.60 lacs bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t deposited the same on 5 th October 2011. Since TDS is not deposited before 30 th Sept 11, entire expenses get disallowed and Company A is liable for Income tax on Gross Income of Rs. 10 crores w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich will be around Rs. 3 crores. Can we know what is the way out so that Rs. 3 crores can be saved? Regards, Mukund M Honkan - Reply By GOPALJI AGRAWAL - The Reply = Only terms of the con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tract will decide the fate. If Company A claims that it is entitled for 2% commission and all the expenses are incurred on behalf of company B, then there may be an escape. - Late deposit of TDS-Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 40A - Query Started By: - Mukund Honkan Dated:- 15-10-2011 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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