Time for depositing TDS

This query is : Resolved

Brajesh (Querist)
Follow

11 February 2009 Dear All ,

We are following calendar year as accounting year ( Jan to Dec ) for the purpose of statutory books of accounts and simultaneously we prepare tax balance sheet for the period Apr to March .

Query is related to the time of deposit tax .

We had credited the party account on the last date of the accounting year i.e 31.12.2008 . The due date for depositing the tax will be 7.1.2009 or on or before 28.2.2009 .

we do not avail the two month benefit for the period April to March .

Kindly throw expert views !!

Thanks in advance

Regards

Brajesh

CA Gunjan H Shah

CA Gunjan H Shah (Expert)
Follow

12 February 2009 no you do not get such facility and you have to deposit on or before jan 7. statutory rules do not change person to person they are common for all thus your employing other period as a year or your not taking benefit should not matter.

Message likes : 1 times

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

12 February 2009 completely agree with Gunjan.

Upgrade to CAclubindia Pro. Subscribe Now!

Brajesh

Brajesh (Querist)
Follow

12 February 2009 Dear All

I do not agree . As per Rule 30 (1) (b)(1) of the Income tax which deals with the time and mode of payment to government account of tax deducted at source or tax paid under sub section (1A) of section 192 , it is clearly mention that “where the sum referred in section 194C ………… 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;

Regards

Brajesh

Message likes : 1 times

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
Follow

15 February 2009 Well, thanks a lot Brajesh for my updation and your thumb down impression forced me to think twice before answering. I accept my mistake. But I would like to know one more thing from you. You were right. The rule is very clear in this regard. But there is a confusion in my mind:
1. How shall he file the TDS return as the due date for December quarter is 15th Jan only. How will the assessee utilise the 2 months period.
2. Will the assessee enjoy the March quarter time limit of two months in this case. If not, then whether the time limit of TDS return will become 15 April in this case??
What shall be the actual status of assessee in this case?? How you deal in your company? Please reply so that I acn also update myself. Once again thanks for a good updation.