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
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
You should deduct TDS at the time of Credit or Payment whichever is earlier.
Regards,
Devendra K
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,
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.
YOU CAN PAY THE TDS OF THE WHOLE YEAR IN A SINGLE PAYMENT AND REVISE THE TDS RETURN OF THE LAST QUARTER.
BUT YOU WILL ALSO HAVE TO PAY INTEREST ON TDS FOR DELAY IN DEPOSIT OF TDS.
REGARDS,
DEVENRA K
CAclubindia
