Tds on job work

This query is : Resolved

Ravi kumar (Querist)
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31 October 2013 dear sir
when company paid job work for the month of october 2013 check paid to 5.11.2013 & tds deduct 2% what is tds deposited date.

CA Harish Shyam Choudhary

CA Harish Shyam Choudhary (Expert)
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31 October 2013 AS PER INCOME TAX ACT, LIABILITY TO DEDUCT TDS IS THE DATE OF WHICH PAYMENT IS MADE OR THE CREDIT IS GIVEN, WHICH EVER IS EARLIER,

IN YOUR CASE, THE LIABILITY ARISES IN THE MONTH OF OCTOBER, 2013 AND THE PAYMENT OF TDS IS TO BE MADE ON OR BEFORE 7TH NOVEMBER 2013

Ravi kumar

Ravi kumar (Querist)
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31 October 2013 if payment made to 8.11.2013

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CA Harish Shyam Choudhary

CA Harish Shyam Choudhary (Expert)
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31 October 2013 1) CREDIT GIVEN IN BOOKS OF ACCOUNTS OR
2) PAYMENT MADE

WHICH EVER IS EARLY

HENCE IF YOU DON'T PASS ENTRY IN BOOKS AND PAY ON 8.11.2013, THEN DEDUCT TAX ON SAME DATE AND DEPOSIT THE SAME WITH GOVERNMENT ON 7/12/2013

CA Rinkal

CA Rinkal (Expert)
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31 October 2013 dear friend

your liability to deduct tax and payment will be completed on 07.11.2013 as the credit given in oct. and payment made on 8-nov.2013 so the earliest date is being oct

so you have to pay the same by 7 nov 2013. if you pay the same by 8-nov. then interest provision will applied and you have to pay interest @ 1.5% pm