TDS on Salary deducted on 31 March
This query is : Resolved
18 March 2008
Tax deducted on 31st March is to be deposited upto 31st May.
The above statement is confirmed by refering to following links:
http://www.indiancaonline.com/story/2005/6/14/19284/1062(refer notes: point 2)
http://www.mmehtaco.com/TDS_RATES&DUE_DATES.pdf
BUT
Following link says the above rule is NOT applicable to PAYMENT OF SALARY(Point 12)
http://ghalla-bhansali.com/it_tds.asp
Please confirm whether TDS on Salary is an exception to the statement - Tax deducted on 31st March is to be deposited upto 31st May - BY QUOTING RELEVANT SECTION / RULE
The above statement is confirmed by refering to following links:
http://www.indiancaonline.com/story/2005/6/14/19284/1062(refer notes: point 2)
http://www.mmehtaco.com/TDS_RATES&DUE_DATES.pdf
BUT
Following link says the above rule is NOT applicable to PAYMENT OF SALARY(Point 12)
http://ghalla-bhansali.com/it_tds.asp
Please confirm whether TDS on Salary is an exception to the statement - Tax deducted on 31st March is to be deposited upto 31st May - BY QUOTING RELEVANT SECTION / RULE
18 March 2008
Please refer Table in Page A-305 of Singhania's 30th edition (latest) of Direct Taxes Ready Reckoner.
A reading of provisions of various sections tabled suggests a distinction being made in situations for deduction of tax due to between (a)making PAYMENTS and (b) CREDITING amounts on 31st Mar.
In case of TDS on amounts CREDITED, we have time upto 31st May for remittance
In case of TDS on amounts PAID, we have one week time only
A reading of provisions of various sections tabled suggests a distinction being made in situations for deduction of tax due to between (a)making PAYMENTS and (b) CREDITING amounts on 31st Mar.
In case of TDS on amounts CREDITED, we have time upto 31st May for remittance
In case of TDS on amounts PAID, we have one week time only
18 March 2008
Dear Sir,
Thank you very much for the reply.
In case of TDS on amounts CREDITED, we have time upto 31st May for remittance
To the above statement is SALARY credited ON 31 March an EXCEPTION as seems to be suggested by following links of Chartered Accountant's websites?
http://www.pipara.com/updates.html
http://ghalla-bhansali.com/it_tds.asp
Thank you very much for the reply.
In case of TDS on amounts CREDITED, we have time upto 31st May for remittance
To the above statement is SALARY credited ON 31 March an EXCEPTION as seems to be suggested by following links of Chartered Accountant's websites?
http://www.pipara.com/updates.html
http://ghalla-bhansali.com/it_tds.asp
19 March 2008
for salary paid on 31.03.xx it is within one week from the end of the month.
for provision, it is 31.05.xx
for provision, it is 31.05.xx
20 March 2008
Its only 31st May.
20 March 2008
Respected Sir,
The Doubt is NOT regarding:
Date of payment of TDS in case amount gets CREDITED on 31 March.
The Doubt IS WHETHER SALARY CREDITED is an EXCEPTION to above rule as seems to be suggested by following links of Chartered Accountant's websites?
http://www.pipara.com/updates.html
http://ghalla-bhansali.com/it_tds.asp
Kindly QUOTE reference( Section / Rule / Book)
Thank you
The Doubt is NOT regarding:
Date of payment of TDS in case amount gets CREDITED on 31 March.
The Doubt IS WHETHER SALARY CREDITED is an EXCEPTION to above rule as seems to be suggested by following links of Chartered Accountant's websites?
http://www.pipara.com/updates.html
http://ghalla-bhansali.com/it_tds.asp
Kindly QUOTE reference( Section / Rule / Book)
Thank you
30 November 2010
In tha case of salary, the date is only 7Apr, whether it has been paid or credited on March 31
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