if accounting year of co is ended om 31st dec and on that day interest credited and TDS deducted on interest ... now please tell me time limit for deposit tds (194C) in govt account ?
vikash mangal
5 Replies
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 15 April 2010
7th day of the january. TDS for interest covered u/s 194 & 194A, plz check ur error. hope ur doubt will be cleared.
regards,
ratan
CA Pankaj Warke
(Fin Man)
(268 Points)
Replied 15 April 2010
Dear Friends,
I dont fine any concept "Accounting year" under Income Tax Act.
It only defines Assessment year and previous year.
As per Sec 2(7A)(9), “assessment year” means the period of twelve months commencing on the 1st day of April every year ;
and as per section 3, For the purposes of this Act, “previous year” means the financial year immediately preceding the assessment year :
In case of TDS, the relevant is the previous year i.e the year ending on 31st March.
THerefore, the extended period of depositing of TDS applies only to provisions made on 31st of arch and not for provisions made on any other date. So in the given case, the date of deposit of TDS will be 7th of next month i.e 7th January.
Ritesh Jain
(CA, CS in Job)
(675 Points)
Replied 16 April 2010
Dear Vikash/ members,
As per the text of Income tax rule,
(1) where the income by way of interest on securities referred to in section 193, or
the income by way of interest referred to in section 194A,
or the sum referred to in section 194C,
or the income by way of insurance commission referred to in section 194D, or
the payment to non-resident sportsmen or sports associations referred to in section 194E, or
the income by way of commission, remuneration or prize on sale of lottery tickets referred to in section 194G, or
the income by way of commission or brokerage referred to in section 194H, or
the income by way of rent referred to in section 194-I, or
the income by way of fees for professional or technical services referred to in section 194J, or
the interest or any other sum referred to in section 195, or
the income of a foreign company referred to in sub-section (2) of section 196A, or
the income from units referred to in section 196B, or
the income from foreign currency bonds or shares of an Indian company referred to in section 196C ,or
the income of Foreign Institutional Investors from securities referred to in section 196D,
is credited by a person to the account of the payee 'as on the date up to which the accounts of such person are made', then the due date of deposition of ITDS is within two months of the expiration of the month in which that date falls;
(2) in any other case, within one week from the last day of the month in which the deduction is made;
So you can find that the accounting year will be the calender year or financial year for this particular section will depend on the company policy.
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