When to pay tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2014
Suppose a person has received a bill having date of previous financial year in current year and yet now till June of current year he has not made the payment. Is he liable to pay TDS even though he not made the payment yet and if yes then in which year he'll be liable?
11 July 2014
Under the TDS related provision Word “Credited” made clear the situation. It means if a liability is created then up to 7 of the following month TDS is to be payable. While bill pertain to previous financial year the TDS had to be paid by 7th of the following month in which bill pertained.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2014
What if the person is following cash basis of accounting? does it make any differance ?
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