Due date of payment of TDS on Salaries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2010
As per standard accrual principal, a company passes JV for salary payable on the last date of every month and consequently liability for TDS is also booked on the last date of every month.
Now say for TDS on salary for July - credited to salary payable account on 31st July 10 but actually paid on 7th of Aug 10, will the due date for depositing TDS be 7th Aug 10 (i.e. within 7 days from the date on which the liability is created) or 7th Sep 10 (i.e. within 7 days from the end of the month in which salary is paid)
Now say for TDS on salary for July - credited to salary payable account on 31st July 10 but actually paid on 7th of Aug 10, will the due date for depositing TDS be 7th Aug 10 (i.e. within 7 days from the date on which the liability is created) or 7th Sep 10 (i.e. within 7 days from the end of the month in which salary is paid)
12 August 2010
It will be on 07/08/10
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2010
What if the JV is pased on the date of payment?
12 August 2010
7/9/10
12 August 2010
AGREED
12 August 2010
IT IS BETTER TO PASS SALARY ENTRY AT THE END OF MONTH BECAUSE YOU CAN KNOW ABOUT PROFITABILITY OF THAT MONTH. IF YOU PASS SALARY ENTRY FOR THE MONTH OF JULY IN AUG WHEN PAYMENT IS MADE, ONLY ONE TIME IMPACT ON PAYMENT OF TDS I.E IT WILL BE 7/9/2010
FROM NEXT MONTH AUG PAYMENT DUE IN 7/10,
HENCE IT IS BETTER TO BOOK SALALRY IN THAT MONTH FOR WHICH IT IS RELATED.
FROM NEXT MONTH AUG PAYMENT DUE IN 7/10,
HENCE IT IS BETTER TO BOOK SALALRY IN THAT MONTH FOR WHICH IT IS RELATED.
12 August 2010
Agreed.. in any case, you have to ensure that the payment of salary for March month have to be booked within the month of march only.
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