Tds on contractor and others
This query is : Resolved
27 February 2014
An organisation is following cash basis of accounting. TDS is deducted on the bills,when the payment is made to contractors and others. TDs is paid on same day. For eg, contractor payment is made on 10th Feb 14,simultaneously tds deposited on 10th feb 14 itself.Please let me know whether we can deposit the tds on 7th March 14, instead on 10th Feb 14.
27 February 2014
Law of TDS does not ask for basis of accounting. You may deposit the same in next 7th day of month.
27 February 2014
Thanks.The organisation is a charitable organnisation, but not a Govt organisation.
Though the organisation follows cash basis of accounting, I feel tds can be deposited on or before 7th of following month, though the payment is made to the contractor on 10th Feb 14.Please confirm
Though the organisation follows cash basis of accounting, I feel tds can be deposited on or before 7th of following month, though the payment is made to the contractor on 10th Feb 14.Please confirm
27 February 2014
yes ,you can do it.
For comfort to TDS deductor Income Tax deptt made this provisons
For comfort to TDS deductor Income Tax deptt made this provisons
27 February 2014
Thanks for your replies
regards
c.v.narasimhan
regards
c.v.narasimhan
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