TDS payment due date
This query is : Resolved
08 May 2020
Hi All,
If X is a service vendor Invoice date is 1st January 2020 and due to some issue we have not paid them payment, and paid 5th May 2020 and deducted TDS Rs.5000/- shall we pay interest on TDS, because Invoice date is 1st January 2020.
Thanking you
Kumar
If X is a service vendor Invoice date is 1st January 2020 and due to some issue we have not paid them payment, and paid 5th May 2020 and deducted TDS Rs.5000/- shall we pay interest on TDS, because Invoice date is 1st January 2020.
Thanking you
Kumar
08 May 2020
Yes Interest is applicable for 5 months. Jan to May @1.5% per month.
08 May 2020
Ok Sir, but we paid in May 2020 till we need to pay interest. In case of Arrers of Salary also same rule applicable.
08 May 2020
Yes interest till May for all 26Q payments. TDS on Salary is based on payment basis and not on accrual basis.
09 May 2020
Tds compliances apply bill or payment whichever is early tds to be deducted above case tds to be done on January interest applicable for 5 months.
09 May 2020
Yes. TDS needs to be deducted either at the time of booking & credit any liability to the recipient or at the time of payment whichever is earlier.
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