chetan (accountant) (321 Points)
14 May 2011Hi
I have received a bill of advertising of Rs 53000/- dated 14.05.2011. We have made the payment in installment (i.e) Rs10000/- 2) Rs 5000 on 22.05.2011 3) 38000 on 01.08.2011.
My question is
1) when i deposit the tds into bank
2) on which installment i deduct tds.
Pls reply
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 14 May 2011
tds would be deducted on 14.05.2011 on RS. 53000 and same would be deposited on or before 07.06.2011
chetan
(accountant)
(321 Points)
Replied 14 May 2011
Thank you
is it ok if we adjust the tds amount on 3rd installment.
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 14 May 2011
you will have booked the exp of rs. 53000 on 14.05.2011 therefore no question arise to adjust tds in 3rd installment,
chetan
(accountant)
(321 Points)
Replied 14 May 2011
Actually what happen the bill amount is Rs 53000/- and we made 3 cheques Rs 10000/- , Rs 5000 and Rs 36940/-
We have adjust the tds amount in 3rd installment.
is it right?
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8639 Points)
Replied 14 May 2011
It is upto you where to adjust the TDS amount. The requirement is that you should deposit the amount before 7.6.2011.
anand
(BUSINESS)
(136 Points)
Replied 21 May 2011
hi
u can deduct the TDS as on the date of payment and deposit it accordingly
CAclubindia
