17 August 2010
UNDER SECTION 194C, A CREDIT HAS BEEN MADE FOR CONTRACT FEES OF Rs. 200000/- ON 14/08/2009
AND CONTRACT FEES HAS BEEN PAID ON 18/10/2009. THEN TDS DEDUCTED SAY @1% RS. 2000/- WHEN TO PAY TO GOVERMENT. WHEATHER ON 07/09/2009 OR ANY OTHER DATE.
IF PAYMENT IS NOT MADE THEN HOW ONLY TDS CAN BE PAY TO GOVERMENT.
17 August 2010
AGREED WITH EXPERTS. ALWAYS TDS WILL BE DEDUCTED ON PAYMENT OR CREDIT WHICHEVER IS EARLIER. I.E YOU HAVE TO DEDUCTED TDS ON 14 AUG 2009 ITSELF AND DEPOSIT IT TILL 7TH SEPT 2009. EVEN IF PAYMENT IS MADE 31ST MARCH, THEN ALSO YOU HAVE TO DEDUCT TDS AND DEPOSIT TO GOVT. A/C.
17 August 2010
when you make credit for such expense, at the very same time you have to make credit to TDS Payable (Cont Payments) A/c for the applicable amount.
Obviously August 09 TDS has to be deposited by 7th Sept., irrespective of fact whether payment has been made or not.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
17 August 2010
AND IF I GIVEN CREDIT ON 31/03/2010 THEN WHAT WILL BE DUE DATE OF DEPOSITING TDS?
17 August 2010
NOW AS PER LATEST AMENDMENT IN TDS RULES, IF BILL IS CREDITED TO 31ST MARCH THEN TDS IS TO BE DEPOSITED TILL 30TH APIRL , NOT 31ST MAY. IT IS APPLICABLE FROM 1ST APRIL 2010.