TDS Payment
This query is : Resolved
10 August 2010
Dear Sir,
We have booked the Advertisment Expenses in our Accounting Package on 5/8/2010 i.e
5/7/2010-
Advertisement Expenses A/c Dr- 20000
To Party A/c-20000
and we have made the payment on 2/8/2010- after deducting TDS
Party A/c Dr - 20000
To HDFC Bank - 19800
To TDS A/c - 200.
Now we have deducted TDS of Rs 200. Now when we will make the Payment of Rs 200.
What is the Time Limit. Whether within 7/8/2010 or within 7/9/2010.
Please clarify this.
Thanks
Jitendra
We have booked the Advertisment Expenses in our Accounting Package on 5/8/2010 i.e
5/7/2010-
Advertisement Expenses A/c Dr- 20000
To Party A/c-20000
and we have made the payment on 2/8/2010- after deducting TDS
Party A/c Dr - 20000
To HDFC Bank - 19800
To TDS A/c - 200.
Now we have deducted TDS of Rs 200. Now when we will make the Payment of Rs 200.
What is the Time Limit. Whether within 7/8/2010 or within 7/9/2010.
Please clarify this.
Thanks
Jitendra
10 August 2010
seventh of next month
i.e. Month of july exps. booked TDS to be paid up to 7th August.
i.e. Month of july exps. booked TDS to be paid up to 7th August.
10 August 2010
Thanks Sir. Are the Experts Agreed with this ?
10 August 2010
TDS should be deposited within 7th of the following month.
and TDS should also be deposited, on Payment or credit whichever is earlier.
So this case TDS should be deducted on 5th July 2010, and to be depositd till 7th of Aug.2010
and TDS should also be deposited, on Payment or credit whichever is earlier.
So this case TDS should be deducted on 5th July 2010, and to be depositd till 7th of Aug.2010
10 August 2010
If the expenses are booked on 05/07/2010 then the lase date of payment of TDS is 07/08/10.
If the expenses are booked on 05/08/2010 then the lase date of payment of TDS is 07/09/10.
If the expenses are booked on 05/08/2010 then the lase date of payment of TDS is 07/09/10.
10 August 2010
Thanking You Sir, It means I have done the mistake. I should deduct TDS on 5th July Itself, right sir.
10 August 2010
yes, you have done mistake but its should be rectify by depositing tds with interest. but next time careful.
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