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Due date of tds

SANJEEV KUMAR (Finance professional) (227 Points)

21 November 2011

TDS has been made in liabilty bill of March and amount has been deposited remitted in may month to it dept.Since the creation of liability usually happens in aprail, may month so amount has been paid in may month. noew income tax dept has given notice of delay remittance of tax. Kindly guide me for the same

Thanks n regards

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(Guest)

hello kumar bhai . u asked the question relating to due date of tds. the provisions of income tax act are as follows . according to income tax act section 200 (1) the tds for the liability of months from april to february must be remitted within 7th of next month for example for april tds remit it by may7. for the month of march it must be remitted by 30 april but u have said that u remitted in may . so u have to pay interest and penalty for the period from 1 may to the date on which u paid the tds . if u did not understand call me on 09441295744 bye