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Query regarding tds

21 January 2012

I have a query regarding TDS, "My client entered into AMC contract with a party on 1 st April, 2011 for Rs 16 Lakhs. However, the client has broken the payment into four parts and pays Rs 4 lakhs quarterly. He deducts the TDS quarterly and deposits within the due date. Is the TDS to be deposited whole on 1 st April or it is to be done quarterly."

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3 Replies

C.A. Sandeep Wawhal (CA, PGDFM, BCom) (1831 Points)
Replied 21 January 2012

TDS to be deducted at the time of Making Payment or accounting the bills whichever is earlier and same should be deposited into the bank on 7th day of Next month in which TDS was deducted.

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valji (Accounts manager-MBA) (2150 Points)
Replied 21 January 2012

TDS deducted on Gross bill so if your client booked whole bill then TDS should be deducted at the time of bill booking

TDS should be deducted payment or credit which ever is earlier

if 4 separte bill is given then the case above is aapplicable

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 21 January 2012

Originally posted by : SANDEEP R. WAWHAL
	TDS to be deducted at the time of Making Payment or accounting the bills whichever is earlier and same should be deposited into the bank on 7th day of Next month in which TDS was deducted.