tds

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Dilip Senapati (Querist)
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15 June 2009 can anyone answer this?

what is the time limit for remiting TDS with central govt for the month of march? The time limit of upto filing of return applies to the TDS deducted for whole of March or For 31st March only ? please clarify with case law or section reference?

Bindu Madhav

Bindu Madhav (Expert)
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15 June 2009 TDS for the period 1Mar-31Mar has to be deposited within 7days i.e. before April 7th. However the extended time is allowable only in case of Credits made on 31st March i.e similar to provisions/bill bookings etc., This extension of time is not applicable to all transactions of the month limited to 31st and also for the entries credited. For this the extended period is 31-May and not before filing of the return.

Deduction of any expenses will be allowed if TDS deducted and paid. In case of 31st March entries, though the time limit is allowed till 31-May, it is allowable as deduction if paid before filing of the return.