Interst on tds

This query is : Resolved

jahangir (Querist)
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13 February 2012 dear sir please tell me intrest on tds will be there on or not,

if salary due on 31 january but actual date of payment of salary is 12th february.

incase of salary due or payment whichever is earlier will be applicable or not.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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13 February 2012 TDS on salary can be paid due or salary paid which ever is earlier. please refer Income tax rule 30 as follows

All sums deducted in accordance with the provisions of Chapter XVII-B by deductors other than an office of the Government shall be paid to the credit of the Central Government—

(a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and

(b) in any other case, on or before seven days from the end of the month in which—

(i) the deduction is made; or

(ii) income-tax is due under sub-section (1A) of section 192.