13 November 2014
We have to pay Rs. 1,00,000 toward rent for october but we have not paid rent till now. i want to ask that when we have to deposit the tds on rent, whether it is 7th november or the following month in which we made the payment for rent?
13 November 2014
TDS has to be deducted at the time of payment or at the time of credit in the books of account, whichever is earlier. So, if you are paying directly without crediting the account then desuct tds at the time of payment, otherwise at the time of credit.
13 November 2014
Dear Vikram, the basic rule of tds is that tds deducted " on a date payment or credit" whichever is earlier so in instant case tds will be deducted at the time of booking of entry of rent hence you have to pay tds 7th november but now date i.e. 7th nov has gone so you have to pay with interest i.e. 1.5% per month
13 November 2014
We have made no entry till now for rent due because the office is the property of the director and give on rent to the company from 1st october.
13 November 2014
We have made no entry till now for rent due because the office is the property of the director and give on rent to the company from 1st october.
CAclubindia
