21 October 2010
As per rule 30 of income tax rules Time limit for deduction of TDS is 2 months if the account of the payee is credited on the last day of the year or the same rule applies if the payment is made on the last day of the year Please clarify or tds is to be deducted on the 7th of the next month in case of payment made on 31st march
21 October 2010
rule 30 applies only when payee credit account on 31st march. if they make payment on last day of the year then not apply. It means if pays on 31st march - due date is 7th of following month (i.e.7th april)
if credited on 31st march but payment is not made on that date then due date is 31st may of next year.
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