TDS Deposit

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varun gupta (Querist)
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07 May 2008 The liability to deposit TDS deducted during the month of March is 31st May and for April its 7th May, for May its 7th June. Kindly opine whether its true otherwise plz correct me.

Amit Sharma

Amit Sharma (Expert)
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07 May 2008 TDS has to be deposit on the 7th of the succeeding month for the month in which it was originally deducted for.

eg:TDS deducted for March should be deposited on the 7th of April.

varun gupta

varun gupta (Querist)
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07 May 2008 Thanks Amit for the reply but i think that for March due date is 31st of May instead of 7th April or are u very much sure?

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Shyam Lal Naik

Shyam Lal Naik (Expert)
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07 May 2008 The answer is somewhere in between.

Normally the due date is 7th of suceeding month.

However, for credits on the last date of the financial year(ie. credits and deduction on 31/03/YYYY)the last date is 31st May.

Some restrospective changes has been made in Finance Act'08 regarding TDS payment for Mar'YY, providing some further relief.

R.V.RAO

R.V.RAO (Expert)
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07 May 2008 I AGREE WITH SRI NAIK AND ADD THAT
Sec 40 (a) (ia) ammendment made retrospectively to allow deduction of expenses in case TDS of Mar month not paid in time but paid before due date of return.
R.V.RAO