TDS

This query is : Resolved

Ram Sakal Mahto (Querist)
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01 May 2010 Dear Sir,

Can I Deduct tds of more than one month salary from later one month salary?

Is it not necessory to deduct tds every month and deposit it.

when Should I deposit TDS on Salary and TDS on Contractors of april-10? Do these need separate challan Returns?

When is submited TDS Returns ? abouve two needs Separate Returns?

Thanks You in advance

With Regards
RAM

Ram Avtar Singh

Ram Avtar Singh (Expert)
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01 May 2010 TDS to be deduct either credit or payment basis

when Paiment made or credited TDS to be deduct. and deposit up to 7th of next month

TDS return Quarterly basis.

seperet challan on section wise

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 May 2010 AGREE WITH EXPERT

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CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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01 May 2010 Tds Return of Contractor is filed in form 26Q while Tds return of salary is filed in 24Q.
Tds return is filed quarterly basis
1st Quarter April to June - 15 July
2nd Quarter July to Sept - 15 Oct
3rd Quarter Oct to Dec - 15 Jan
4th Quarter Jan- March - 15 June

Separte challan is required to depoisted as per Tds section.
TDs on salary is deducted on average rate of basis of annual salary. If any person salary exceeds exemption limit i.e 160000 after all deductions. Then Income tax payable is divided by 12 for average tds.
now you have to deducted tds on the basic of it.
Tds on salary is to be deducted monthly basic. If deducted more in any month, then in next month , you can deduct low. but you can't deduct all the tds at last.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 May 2010 tds need to deduct either credit or payment which ever is earlier and returns on quarterly basis

CA vikash Jain

CA vikash Jain (Expert)
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02 May 2010 yes you Can Deduct tds of more than one month salary from later one month salary.

As per law you have to deduct tds every month and deposit

but practically one can deduct tds from later one month salary

you can refer bansalji reply which includes all the details regarding this query