TDS Query - clarify
This query is : Resolved
01 April 2008
friends,
cau u please clarify what is the last date for remittance of TDS ? is it end of the month or 7th of the subsequent month? what is it in case for the month of march ?
thanks.
cau u please clarify what is the last date for remittance of TDS ? is it end of the month or 7th of the subsequent month? what is it in case for the month of march ?
thanks.
01 April 2008
in case of march its 7th april and for others its 30th march
01 April 2008
please explain in brief...
01 April 2008
Tds deducted in a particular month shall be deposited within 7 days from the end of the relevant month except tds on salary which is to be deposited within 7 days from the date of deduction. Now if the tds is deducted as on the last date of the year up to which books of account are prepared than it is to be deposited within 2 months.For example if a concern follow april to march as a financial year and deducts tds as on 31st march than it can deposit it till 31 may but if it deduct tds as on 30 march than it has to pay it till 7th april.
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01 April 2008
Time and mode of payment to Government account of tax deducted at source [or tax paid under sub-section (1A) of section 192].
30. [(1) All sums deducted in accordance with the provisions of sections 192 to 194, section 194A, section 194B, section 194BB, section 194C, section 194D, section 194E, section 194EE, section 194F, section 194G, section 194H, section 194-I, section 194J, section 194K, 29[section 194LA,] section 195, section 196A, section 196B, section 196C and section 196D shall be paid to the credit of the Central Government—
(a) in the case of deduction by or on behalf of the Government, on the same day;
(b) in the case of deduction by or on behalf of persons other than those mentioned in clause (a),—
(i) in respect of sums deducted in accordance with the provisions of section 193, section 194A, section 194C, section 194D, section 194E, section 194G, section 194H, section 194-I, section 194J, section 195, section 196A, section 196B, section 196C and section 196D—
(1) where the income by way of interest on securities referred to in section 193 or the income by way of interest referred to in section 194A or the sum referred to in section 194C or the income by way of insurance commission referred to in section 194D or the payment to non-resident sportsmen or sports associations referred to in section 194E or the income by way of commission, remuneration or prize on sale of lottery tickets referred to in section 194G or the income by way of commission or brokerage referred to in section 194H or the income by way of rent referred to in section 194-I or the income by way of fees for professional or technical services referred to in section 194J or the interest or any other sum referred to in section 195 or the income of a foreign company referred to in sub-section (2) of section 196A or the income from units referred to in section 196B or the income from foreign currency bonds or shares of an Indian company referred to in section 196C or the income of Foreign Institutional Investors from securities referred to in section 196D is credited by a person to the account of the payee as on the date up to which the accounts of such person are made, within two months of the expiration of the month in which that date falls;
(2) in any other case, within one week from the last day of the month in which the deduction is made; and
(ii) in respect of sums deducted in accordance with the other provisions within one week from the last day of the month in which the deduction is made :
Provided that the Assessing Officer may, in special cases, and with the approval of the Joint Commissioner—
(a) in cases falling under sub-clause (i), permit any person to pay the income-tax deducted from any income by way of interest, other than income by way of interest on securities or any income by way of insurance commission or any income by way of commission or brokerage referred to in section 194H quarterly on July 15, October 15, January 15 and April 15; and
(b) in cases falling under sub-clause (ii), permit an employer to pay income-tax deducted from any income chargeable under the head “Salaries” quarterly on June 15, September 15, December 15 and March 15.]
30[(1A) All sums paid under sub-section (1A) of section 192 shall be paid to the credit of the Central Government—
(a) in the case of payment on behalf of the Government, on the same day;
(b) in all other cases, within one week from the last day of each month on which the income-tax is due under sub-section (1B) of section 192.]
(2) The person responsible for making the deduction from any income chargeable under the head “Salaries” or, 30[the person who pays tax, referred to in sub-section (1A) of section 192 or,] in cases covered by sub-section (5) of section 192, the trustees shall pay the amount of tax so deducted to the credit of the Central Government by remitting it within the time prescribed in sub-rule (1) into 31[any branch of the Reserve Bank of India or of the State Bank of India or of any authorised bank] accompanied by an income-tax challan 32[* * *] :
33[* * *]
Provided 34[* * *] that where the deduction 35[or payment, as the case may be,] is made by or on behalf of Government, the amounts shall be credited within the time and in the manner aforesaid without the production of a challan.
(3) The person responsible for making deduction under sections 36[193, 194, 37[194A, 194B, 38[194BB,] 194C,] 39[194D, 194E, 40[194EE, 194F, 194G, 194H, 41[194-I,] 42[194J, 194K,] 195, 196A 43[, 196B 44[, 196C and 196D]]]]] shall pay the amount of tax so deducted to the credit of the Central Government by remitting it within the time prescribed in sub-rule (1) into 45[any branch of the Reserve Bank of India or of the State Bank of India or of any authorised bank] accompanied by an income-tax challan, 46[* * *] provided that where the deduction is made by or on behalf of Government the amount shall be credited within the time and in the manner aforesaid without the production of a challan.
30. [(1) All sums deducted in accordance with the provisions of sections 192 to 194, section 194A, section 194B, section 194BB, section 194C, section 194D, section 194E, section 194EE, section 194F, section 194G, section 194H, section 194-I, section 194J, section 194K, 29[section 194LA,] section 195, section 196A, section 196B, section 196C and section 196D shall be paid to the credit of the Central Government—
(a) in the case of deduction by or on behalf of the Government, on the same day;
(b) in the case of deduction by or on behalf of persons other than those mentioned in clause (a),—
(i) in respect of sums deducted in accordance with the provisions of section 193, section 194A, section 194C, section 194D, section 194E, section 194G, section 194H, section 194-I, section 194J, section 195, section 196A, section 196B, section 196C and section 196D—
(1) where the income by way of interest on securities referred to in section 193 or the income by way of interest referred to in section 194A or the sum referred to in section 194C or the income by way of insurance commission referred to in section 194D or the payment to non-resident sportsmen or sports associations referred to in section 194E or the income by way of commission, remuneration or prize on sale of lottery tickets referred to in section 194G or the income by way of commission or brokerage referred to in section 194H or the income by way of rent referred to in section 194-I or the income by way of fees for professional or technical services referred to in section 194J or the interest or any other sum referred to in section 195 or the income of a foreign company referred to in sub-section (2) of section 196A or the income from units referred to in section 196B or the income from foreign currency bonds or shares of an Indian company referred to in section 196C or the income of Foreign Institutional Investors from securities referred to in section 196D is credited by a person to the account of the payee as on the date up to which the accounts of such person are made, within two months of the expiration of the month in which that date falls;
(2) in any other case, within one week from the last day of the month in which the deduction is made; and
(ii) in respect of sums deducted in accordance with the other provisions within one week from the last day of the month in which the deduction is made :
Provided that the Assessing Officer may, in special cases, and with the approval of the Joint Commissioner—
(a) in cases falling under sub-clause (i), permit any person to pay the income-tax deducted from any income by way of interest, other than income by way of interest on securities or any income by way of insurance commission or any income by way of commission or brokerage referred to in section 194H quarterly on July 15, October 15, January 15 and April 15; and
(b) in cases falling under sub-clause (ii), permit an employer to pay income-tax deducted from any income chargeable under the head “Salaries” quarterly on June 15, September 15, December 15 and March 15.]
30[(1A) All sums paid under sub-section (1A) of section 192 shall be paid to the credit of the Central Government—
(a) in the case of payment on behalf of the Government, on the same day;
(b) in all other cases, within one week from the last day of each month on which the income-tax is due under sub-section (1B) of section 192.]
(2) The person responsible for making the deduction from any income chargeable under the head “Salaries” or, 30[the person who pays tax, referred to in sub-section (1A) of section 192 or,] in cases covered by sub-section (5) of section 192, the trustees shall pay the amount of tax so deducted to the credit of the Central Government by remitting it within the time prescribed in sub-rule (1) into 31[any branch of the Reserve Bank of India or of the State Bank of India or of any authorised bank] accompanied by an income-tax challan 32[* * *] :
33[* * *]
Provided 34[* * *] that where the deduction 35[or payment, as the case may be,] is made by or on behalf of Government, the amounts shall be credited within the time and in the manner aforesaid without the production of a challan.
(3) The person responsible for making deduction under sections 36[193, 194, 37[194A, 194B, 38[194BB,] 194C,] 39[194D, 194E, 40[194EE, 194F, 194G, 194H, 41[194-I,] 42[194J, 194K,] 195, 196A 43[, 196B 44[, 196C and 196D]]]]] shall pay the amount of tax so deducted to the credit of the Central Government by remitting it within the time prescribed in sub-rule (1) into 45[any branch of the Reserve Bank of India or of the State Bank of India or of any authorised bank] accompanied by an income-tax challan, 46[* * *] provided that where the deduction is made by or on behalf of Government the amount shall be credited within the time and in the manner aforesaid without the production of a challan.
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02 April 2008
the last date for remittance of TDS is end of the month or 7th of the subsequent month. also same date for month of march.
You can contact me (Accout teacher Jay Gulani) for online live chat. mobile no. is 09424515253
You can contact me (Accout teacher Jay Gulani) for online live chat. mobile no. is 09424515253
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