Due date for deduction of tds
This query is : Resolved
09 July 2014
If contract bill is raised on April and due entries is also passed on the same month itself but the payment of that bill made in the month of May and deducted the TDS on the same and paid on 07th June.Is this complied with the TDS rules ?
Deepti Asawa
(Expert)
09 July 2014
No, you are not complied TDS rules.
You were required to deduct TDS at the time of payment or credit whichever is earlier. As per rules you were deduct TDS in the month of April.
Now, you have to pay interest @ 1 % for 1 month on late deduction and 1.5% for 2 month on late paymwent of TDS.
You were required to deduct TDS at the time of payment or credit whichever is earlier. As per rules you were deduct TDS in the month of April.
Now, you have to pay interest @ 1 % for 1 month on late deduction and 1.5% for 2 month on late paymwent of TDS.
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Deepti Asawa
(Expert)
09 July 2014
No, you are not complied TDS rules.
You were required to deduct TDS at the time of payment or credit whichever is earlier. As per rules you were deduct TDS in the month of April.
Now, you have to pay interest @ 1 % for 1 month on late deduction and 1.5% for 2 month on late paymwent of TDS.
You were required to deduct TDS at the time of payment or credit whichever is earlier. As per rules you were deduct TDS in the month of April.
Now, you have to pay interest @ 1 % for 1 month on late deduction and 1.5% for 2 month on late paymwent of TDS.
Rupesh Jain
(Expert)
11 July 2014
you have to deduct the tds
when account credited or amount paid whichever is earlier
when account credited or amount paid whichever is earlier
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