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Due date for TDS

MADHU SUDHAN K (SR.ACCOUNTANT) (74 Points)

23 February 2010

Dear Sir, Actually i have to remitt the TDS for the month of April-09 onwards. What is the allowable due date for remitt the same with interest?

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10 Replies

Amir (Learner) (4016 Points)
Replied 23 February 2010

Dear Sir,

Since u have not deposited it in due date so no question of another due date.....

Interest is to be CALCULATED as follows--

Amount = TDS

Rate = 1% per month or part thereof

Period = From Due Date of Deposit to Actual Date of Deposit

ONLY THING IS IF U DEPOSIT IT BEFORE 31.03.2010 THEN THE EXPENSES WILL BE ALLOWED AS DEDUCTION DURING 2009-2010 otherwise the year in which u deposit the amount of tds.

FURTHER, BE PREPARED AO MAY IMPOSE A PENALTY EQUAL TO THE AMOUNT OF TDS IN DEFAULT IF U COULDM'T JUSTIFY THE DELAY..........

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Ratan Deep Saxena (Asstt Manager (Accounts & Finance)) (2998 Points)
Replied 23 February 2010

DUE DATE TO DEPOSIT TDS(TAX DEDUCTED AT SOURCE.

Section	Descripttion
192	Deducted From salary
case-1	In Case of Govt employess on same day without production of challan
case-2	In case of other employees,with one wwek from the last day of the month in which the deduction is made

193	Interest on securities
194A	interest other than securities
194C	payment to contractors /sub contractors
194D	insurance commission
194G	Commission on lottery ticket sale
194H	commission & brokerage
194I	rent
194J	fess for professional or technical services
195	payment to Non resident
CASE-1	Where the amount is credited by a person to the account of the payee as on the date upto which accounts of such person are made,the tax deducted has to be deposited with 2 months from the emd of the month in which such dates falls.
CASE-2	In any other case, tax deducted has to be deposited with one week from the the last day of the month in which the deduction is made.

194	Dividends
194B	winning from lotteries,crossword puzzles
194BB	winning from horce races
194F	repurchase of units by Mutual funds/UTI
194EE	Payment of NSS
Due date	with one week from the the last day of the month in which the deduction is made.

Interest on late payment of TDS, is applicable at following rates by simple interest rate method.

A) period prior to 01.04.08 interest is chargeable @ 12 per cent per annum.

B) after .01.04.08 interest is chargeable @ 1 per cent for every month or part of the month ,means full month interest will be charged for fraction period of month

other points

while calculating interest TDS amount payable on which interest is to be calculated (principal amount) should be rounded of to nearest multiple of 100 ignoring fraction of Rs.100.
Interest will be charged on the amount payable form the date on which such tax deductible to the date of actual payment.
Means while calculating period for interest purpose ,the period prescribed for making the payment to the credit of central government is not to be excluded.
Interest liability is absolute and mandatory and should be deposit through self assessment and assessing officer can not exempt from interest liability.
With effect from 1.6.2006 ,this interest must be paid on self assessment basis by the person every quarter before furnishing the quarterly return.(form 24Q/26Q/27Q)

regards,

ratan

Ameet (L) (1678 Points)
Replied 23 February 2010

Accd to me, Normally the due date for deposit is withing 7 th day of next month. April'09 to Feb'10 should be deposited in march'10 to claim the deduction of exps for that year. For the month of March'10 should be deposited before filing of return.

If there is provision of exps on last day of march then it is to be deposited before the filing of return.

Interest to be calulated as from the due date to Actual date of deposit at the rate of 1% of tax.

Becarefull abt this provisions, now a days TDS Dept regular in issuing notice so be prepare in advance and honestly deposit interest.

Ameet (L) (1678 Points)
Replied 23 February 2010

If there is provision of exps on last day of march then it is to be deposited before the filing of return.

Interest to be calulated as from the due date to Actual date of deposit at the rate of 1% of tax.

Becarefull abt this provisions, now a days TDS Dept regular in issuing notice so be prepare in advance and honestly deposit interest.

Ameet (L) (1678 Points)
Replied 23 February 2010

If there is provision of exps on last day of march then it is to be deposited before the filing of return.

Interest to be calulated as from the due date to Actual date of deposit at the rate of 1% of tax.

Becarefull abt this provisions, now a days TDS Dept regular in issuing notice so be prepare in advance and honestly deposit interest.

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Sumiti Jain (FP) (1364 Points)
Replied 24 February 2010

yes the due date of filing the TDS Return is 7th day of next month. but if u deduct on 31st March u have time period of 2 months to deposit.otherwise interest for late deposit which have been discussed above

CMA Ramesh Krishnan (Cost & Management Accountant) (71489 Points)
Replied 24 February 2010

On or before 31.3.2010 with 1 % interest per month or part of the month

saravanan (auditor) (35 Points)
Replied 07 April 2010

please answer coreectly and simply

what is due date for paying TDS deducted up to FEB 10 ?

What is due date for march 10 due ?

What is due date for march 31due ?

chandra sekaran (chartered accountant) (44 Points)
Replied 07 April 2010

Now from AY 2010-11 onwards, Tax deducted during the previous year (Not only march) can be deposited on or before the due date for filing return of income as given in explanation to Sec 139(1) with interest in order to alienate the hardship of disallowance of expenditure under section 40a (ia).

PRAVEEN KUMAR (MBA (Finance) B.Com.(P)) (3443 Points)
Replied 10 April 2010

Originally posted by : saravanan
	please answer coreectly and simply what is due date for paying TDS deducted up to FEB 10 ? What is due date for march 10 due ? What is due date for march 31due ?