Addition to the returned income on account of TDS payable - What ...
Income Tax
August 25, 2022
Addition to the returned income on account of TDS payable - What remains in the hands of assessee is not on account of any payment due to such persons but the tax deducted at source is left to be deposited to the Government in accordance with the relevant provisions. It was for the purpose of accounting that the amount has been shown in the form of provision not as ‘payable’ on any account to any creditor or on a contingency but held merely to be ‘deposited’ in due course. Even otherwise, the heads of expenses against which the payments were made when stand allowed through P&L account, some part of it, being TDS, cannot be left standing alone, by holding it as still ‘payable. - AT
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