Muralidharan (Self Employed) (1034 Points)
08 April 2009I request the members to clarify my following queries:
A company accounts a bill received from a contractor for Rs.10,000/- on 15.01.2009. TDS of Rs.227 (2.266%) is also deducted from the said bill. Please inform whether TDS has to be remitted into the Govt a/c within 7 days of deduction (in this case 22.01.2009) or whether it has to be remitted on or before 7th February 2009.
with regards
Muralidharan
CA.Vijay Shetty
(Chartered Accountant)
(47 Points)
Replied 08 April 2009
TDS has to be remitted within 7 days from the end of the month in which it has been deducted. In your case it is on or before 7th of February,beyond this date you have to pay the the penal interest @ 1% pm or part of the month.
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 08 April 2009
Ya, Vijay is right.
In addition to that if TDS is deducted on 31st march then remittence due date would be 31 May.
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 08 April 2009
Ya, Vijay is right.
In addition to that if payment is credited or made on 31st March then remittence date would be Two month from end of month i.e. 31 may.
Sanjay
(Service)
(47 Points)
Replied 08 April 2009
Dear Vijay, I think if payment is credited then you can make TDS payment by May 31st but in case payment is made on March 31st then it is to be paid by April 7th.
CA.Vijay Shetty
(Chartered Accountant)
(47 Points)
Replied 08 April 2009
As Mr.Sanjay rightly said, only if any provision entry is passed on 31st March, then the due date is 31st May but if payment is made on 31st march then TDS has to be paid by 7th April
M.M.SURANA
(Director -Taxation )
(532 Points)
Replied 09 April 2009
Mr. Muralidharan & My other Freinds
As per rule 30 of I T Act, if U make the provision of or amount is credited to the payees account on the last day of accounting year, within 2 months from the end of month in which credit is made. In any other case : Within one week from the last day of month in which deduction is made.
In your case if you have passed the entry in your books on 15.01.2009, due date will be 07.02.2009
Surana, Chennai
9952967237
CA. Pankaj
(Asst. Mgr)
(69 Points)
Replied 11 April 2009
Even if TDS deducted wrongly,it has to be deposited by 7th of next month.
M.M.SURANA
(Director -Taxation )
(532 Points)
Replied 12 April 2009
Mr. Pankaj
I couldn't follow, pl. detail me.
Surana, Chennai
9952967237
Sanjay
(Service)
(47 Points)
Replied 13 April 2009
| Originally posted by :CA. Pankaj | ||
| " | Even if TDS deducted wrongly,it has to be deposited by 7th of next month. | " |
If TDS is wrongly deducted there is no need to deposit the TDS amount with the government. It should be paid to the concerned person/party from whose payment TDS is deducted.
M.M.SURANA
(Director -Taxation )
(532 Points)
Replied 13 April 2009
Mr. Pankaj
I agree with Mr.Sanjay. U can pass reverse entry and allow the credit to particular person need not to deposit and need to include in qtly. return also
Sanjay
(Service)
(47 Points)
Replied 15 April 2009
| Originally posted by :CA. Pankaj | ||
| " | Thanks Sanjay for clarifying it. | " |
Dear Pankaj, Pleasure is all mine if I could be of help to any one.
Vasu
(Sr.Accountanr)
(25 Points)
Replied 21 May 2010
Dear All,
I need a clarification about TDS remittance date, if i book the expenses on 15-May-2010 & even the TDS provision also on the same date, and make the payment to vendor on 15-jun-2010. Then what will be the due date to remit the TDS? Is it on 07-Jun-2010? or is it on 07-jul-2010.
Kindly give us the Income Tax Provision regarding the same.
Regards
Vasupriya
CAclubindia
