22 December 2009
Sir I want to ask that if any copany is not entered the bills in due time and he deferred the same for avoidation of interest on Tds what is the consequency about it
22 December 2009
Its depends upon deduction not in book entry to your company .when you deduct TDS you have to deposit on before next month 7 date.and also file tds return if your fails there is always penalty & interest arrives.
22 December 2009
My question was not about deduction or book entry, company is under leagal obligation to deduct tax at the time of credit or at the time of payment whichever is earlier and deposited the same on or before due date on wich tds are applicable I am trying to give my query through an example Suppose a company are receive a bill on dated 10th may from its vender for the month of April but he has not credited the books on same day and he differed the same and credited in month of October and during this period he has not make payment to its vender. Is compay are liable for interest if company are deposit the tds amount on 7th November
23 December 2009
Sir Interest should be consider or not? if yes, from which date? if company has credited its only on october which is related to month of april
CAclubindia
