TDS on contract not paid

[DEEPAK SANE]

i have deducted TDS on contract payment under section 194 c on 31-3-2012 but not paid before 30-4-2012 what is effect other tan interest , what is effect of section 40 a (ia)

[RAM BANSAL]

The TDS can be paid up to the due date u/s  139(1). of the IT Act, 1961. of filling of the return. No disallowance is made u/s 40 a (ia) if the TDS is paid on or before the due date specifired in section 139(1) .

[Vivek Harsh]

if the amount is not paid within due date under 139(1) i.e upto 30 sep, no deductuion shall be allowed in current year. 

AI Summary

TDS on contract payments: timely deposit by return due date preserves deduction; late payment risks disallowance. Payment of TDS on contract payments may be made up to the return filing due date; if deposited by that date the expense remains allowable (with interest consequences for late payment). If TDS is not paid by the return filing due date, the expenditure is disallowed for that year and the deductor faces disallowance and interest consequences.