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DISALLOWANCE UNDER SECTION 40 & 37

Posted @ August 15, 2013, 8:56 pm under (TAX AUDIT)

Following disallowances are covered under section 40 of the Income Tax Act, 1961
 
Disallowance for  non deduction of TDS under section 40(a)(i)
Deduction under section 40(b) for partners.
Disallowance under section 40A(3) for making cash payments
Disallowance under section 40A(2)(b) – Related party transactions
 
Interest on late payment of TDS is disallowed under section 37(1) of the income tax act.

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