Tds

This query is : Resolved

pvsrikanth (Querist)
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16 August 2011 DEAR SIR,

IF BILLS ARE SUBMITTING FORTNIGHT ONCE (15 DAYS) SHALL WE CVONSIDER IT AS SAME MONTH BILLS? WHEN J.V. HAS TO PASS?. FOR TDS PAYMENT RULE IS WHEN JV PASSED OR CREDIT THE AMOUNT WHICH EVER IS EARLIER WHAT DOES IT MEAN?. BILLS MONTHLY WE HAVE TO TAKE? KINDLY CLARIFY ME

H B BHASKAR SHENOY

H B BHASKAR SHENOY (Expert)
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17 August 2011 To consider whether it is the same month bills, you will have to see which month service the bill pertains to. Accordingly pass JV.
TDS payment rule is at the time of credit or payment whichever is earlier. So when you pass JV you are crediting the party and so that will be the day for deduction of tax also.
The tax deducted when making such entry must be remitted to the government by the 7th of the following month.