TDS Liability
This query is : Resolved
31 October 2009
The Assessee has taken loan from relative on which he pays monthly interest which attracts TDS Provision.
My Querry is the assessee is paying interest monthly but he pays it in the following month. E.g. April Month's interest is paid on 2nd May. So the liability to deposit tax deducted with the Govt arises on 7th May or 7th June
My Querry is the assessee is paying interest monthly but he pays it in the following month. E.g. April Month's interest is paid on 2nd May. So the liability to deposit tax deducted with the Govt arises on 7th May or 7th June
01 November 2009
hi
is the assessee is making provision on a monthly basis ,and subsequently the payment is made in the next month then the tax has to be paid by the 7th of end of mth in which provision is made ie in your eg: 7th may .where no provision is made the it is the date of payment that comes first ,in such cases the date of payment into govt a/c is 7 days from the end of the month in which the payment is made ie in your eg 7th june .
is the assessee is making provision on a monthly basis ,and subsequently the payment is made in the next month then the tax has to be paid by the 7th of end of mth in which provision is made ie in your eg: 7th may .where no provision is made the it is the date of payment that comes first ,in such cases the date of payment into govt a/c is 7 days from the end of the month in which the payment is made ie in your eg 7th june .
01 November 2009
Is he required to book expense at the end of every month or can he book it on the date on which he pays the interest and can make provision for the month of march?
01 November 2009
If you are passing provision in april, should pay by 7th may , Passing in may tds payment by 7th June ...In any month payment or provision which ever made first TDS must be deducted and must paid in next month
01 November 2009
thanx for the advice but I wanted to know that whether it is mandatory to make provisions monthly or can I book expense on payment date
02 November 2009
It depends on which type of accounting system, you are following. Incase, of mercantile system, you have to make manthly provisions and in case of cash system, you can book expense on payment date. It is better to follow mercantile system and make monthly provisions
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
