11 February 2011
There is a Public Sector Comapny.
Period of salary is from 1st to 30th of the month.
But due to manual working and problem of compilation of record ,salary slip is printed on or after 10th of following month.
and thereafter SALARY is debited to P&L A/C but Entry is booked on 30th of that month.
then Company get information about How much tax to be deposited u/s 192
And then Tax is deposited .
Now auditor has objection that " Since Salary is booked lets say 30 jan 2011,therefore it should be deposited to Govt. with in 7 days of that. Whereas Co. is depositing after 10th Feb 2011
PLEASE ADVISE WHAT CAN COMPANY DO IN THIS SITUATION ?
11 February 2011
It is less important when you have printed salary slip.
One has to see the date of payment of slary or date on which entry passed in the Book.
The date whch is earlier would be considered and tax has to be paid within 7th of the next month.
It appears that you have paid salary on 30th jan but due to some problem salary slip printed on 10th Feb. In this case you should pay on or before 7th February.
TILL 5 FEB WE COLLECTED ATTENDANCE SHEET FROM VARIOUS UNIT FOR THE PERIOD 1 JAN-30 JAN
THEN SALARY SLIP GOT PRINTED AND DISTRIBUTED TO ALL THE EMPLOYEE IN ORDER TO CONFIRM ALL THE DETAILS IS CORRECT , AND IF SOME CORRECTION NEEDED ,THEN REPORT .
IF EVERY THING IS OK THEN CD IS GIVEN TO THE BANK FOR ITS POSTING. ( Around 10 Feb 11).
Then only we get How Much tax to be Deposited U/S 192 and accordingly deposited on 11 feb
CAclubindia
