TDS ... Confused...

Tds is paid within 7 days from the end of month in which the bill is credited or paid whichever is earlier.

In your case the TDS should be paid till 07.06.2011
 

when you have credited the bill than you will deduct tds and payment of tds will be accordingly 

Thats what i saying to my senior, but he was emphasing on the date of payment will be the criteria for the remittance of TDS...

Thankz Evryone....!!

no tds is always to be deducted at the time of credit or payment whichever is earlier

tds SHOULD BE DEDUCTED CREDIT OR PAYMENT WHIECHEVER IS EARLIER

Originally posted by : Suraj Prasad Shaw
	Tds is paid within 7 days from the end of month in which the bill is credited or paid whichever is earlier. In your case the TDS should be paid till 07.06.2011

 AGREED..

agreed from the above views

date of credit or payment whichever is earlier

the earlier of the two dates it means that TDS is deducted when the amount is credited or actually paid whichever is earlier.

Originally posted by : Mohammad Asif
	the earlier of the two dates it means that TDS is deducted when the amount is credited or actually paid whichever is earlier.

agreed  

Originally posted by : Dev K Sharma
	Thats what i saying to my senior, but he was emphasing on the date of payment will be the criteria for the remittance of TDS... Thankz Evryone....!!

if the expenses are booked on payment basis, without taking the bill date in consideration then they are right, except all such bills would stand liability on 31st march and TDS provisions will apply on due bills., 

@ U S Sharma - Bill was dated on 31st May... so no provision required

And as calculated... TDS will be payable 7 days after the end of the month in which the payment was made.

so on 7th june, 2011 :)

date is 7-06-2011

Hi, Sharm

If it is proprietorship firm last date of payment is 07^th July-2010,

If it is other than proprietorship last date of payment is 07^th June-2010.

in many companies/ firms/ institurte, such expenses are booked on payment basis only, i.e they dont take notice of bill date untill the payment is made in books, the bills are parked in "unpaid file"

at the end of year, unpaid bills are entered in books with a journal entry as expenses debit to liabilities, 

The practice is used coz they have hundreds of sundry expenses which are mostly below the TDS limit, and for every .little creditor they can not open separate ledger, so they book it on payment basis, however if TDS is deducted its reconciled with bills and in that case only they shift the perticular party to a ledger.