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Reg TDS deduction

JMD (STUDENT) (563 Points)

21 April 2011

Dear Frnz,

Please tell me when we must deduct TDS for a bill which is dated 08.04.2011, but period of charges is March’11. Should we deduct in March and deposit for the March qtr or Should be deducted as per bill date.

Thanks,

JMD

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4 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 21 April 2011

You should deduct TDS at the time of Credit or Payment whichever is earlier.

Regards,

Devendra K

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KIYOSH (TAX CONSULTANT) (332 Points)
Replied 21 April 2011

If you are following mercatile account system than you have to make provision in march, deduct TDS in march & deposit in March Quarter (i.e.April)

but if you are following cash account system than you can deduct tds in april & make payment on or before 7th of may.

Regards,

JMD (STUDENT) (563 Points)
Replied 22 April 2011

Thanks a lot. One more thing i need to know. As i'd have deducted TDS on loan taken form finance company but i've not deducted till date. Now whether i cud deduct whole tds in last day of interest credit or i'll have deduct separately for all months interest and will have to revise previous returns.