TDS ON PAYMENT OR CREDIT BASIS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2010 UNDER SECTION 194C,
A CREDIT HAS BEEN MADE FOR CONTRACT FEES OF Rs. 200000/- ON 14/08/2009

AND CONTRACT FEES HAS BEEN PAID ON 18/10/2009.
THEN TDS DEDUCTED SAY @1% RS. 2000/- WHEN TO PAY TO GOVERMENT.
WHEATHER ON 07/09/2009 OR ANY OTHER DATE.

IF PAYMENT IS NOT MADE THEN HOW ONLY TDS CAN BE PAY TO GOVERMENT.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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17 August 2010 tds is to be deducted on payment or credited whichever is earlier. in your case tds should be deposited on 7/9/2009

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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17 August 2010 Due date for TDS deposit is 07/09/09

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CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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17 August 2010 AGREED WITH EXPERTS.
ALWAYS TDS WILL BE DEDUCTED ON PAYMENT OR CREDIT WHICHEVER IS EARLIER.
I.E YOU HAVE TO DEDUCTED TDS ON 14 AUG 2009 ITSELF AND DEPOSIT IT TILL 7TH SEPT 2009.
EVEN IF PAYMENT IS MADE 31ST MARCH, THEN ALSO YOU HAVE TO DEDUCT TDS AND DEPOSIT TO GOVT. A/C.

VINOD ARORA

VINOD ARORA (Expert)
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17 August 2010 when you make credit for such expense, at the very same time you have to make credit to TDS Payable (Cont Payments) A/c for the applicable amount.

Obviously August 09 TDS has to be deposited by 7th Sept., irrespective of fact whether payment has been made or not.

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2010 AND IF I GIVEN CREDIT ON 31/03/2010 THEN WHAT WILL BE DUE DATE OF DEPOSITING TDS?

CA Sanat Pyne

CA Sanat Pyne (Expert)
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17 August 2010 THEN AMOUNT SHOULD BE DEPOSITED ON 31ST MAY.

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2010 THNAKS TO ALL.

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CA Sanat Pyne

CA Sanat Pyne (Expert)
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17 August 2010 BUT PLEASE REMEMBER IF YOU MAKE ANY PAYMENT ON 31ST MARCH THEN YOU HAVE TO DEPOSIT TDS ON 7TH OF APRIL.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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17 August 2010 NOW AS PER LATEST AMENDMENT IN TDS RULES, IF BILL IS CREDITED TO 31ST MARCH THEN TDS IS TO BE DEPOSITED TILL 30TH APIRL , NOT 31ST MAY. IT IS APPLICABLE FROM 1ST APRIL 2010.

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