Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2014 If a bill is raised on 30/9/14, and the payment via cheque is cleared from the bank on 2/9/14, will this come in the Q2 return of TDS or Q3? What is the rule on such tds deduction time and the relevant section with regard to this?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 October 2014 It will be included in the return of quarter based on date on which Tax was deducted and entered in books. TDS is deducted on the the date of payment or credit whichever is earlier.

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2014 So if the entry in the books are made in the month of October, it will become a part of the Q4 return right sir?

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 October 2014 Yes. Remember entry of payment or credit whichever is will be considered for deduction of TDS.

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2014 Thankyou Sir for your time and reply.