I received a professional Bill dated -31/05/2011 and i credited the same in the account,
What will the date to pay TDS in Govt account , is it from date of Bill cedit or from Date of payment.?????
Kindly reply,,,, and Many many thanks....
34 Replies
CA Suraj Prasad Shaw
(Chartered Accountant)
(504 Points)
Replied 15 June 2011
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
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 15 June 2011
when you have credited the bill than you will deduct tds and payment of tds will be accordingly
Dev K Sharma
(Learning Thru Experience)
(157 Points)
Replied 15 June 2011
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....!!
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 15 June 2011
no tds is always to be deducted at the time of credit or payment whichever is earlier
valji
(Accounts manager-MBA)
(2150 Points)
Replied 15 June 2011
tds SHOULD BE DEDUCTED CREDIT OR PAYMENT WHIECHEVER IS EARLIER
SOURAV GHOSH
(Assistant Manager-Finance)
(401 Points)
Replied 15 June 2011
| 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..
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 15 June 2011
agreed from the above views
date of credit or payment whichever is earlier
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 15 June 2011
the earlier of the two dates it means that TDS is deducted when the amount is credited or actually paid whichever is earlier.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 15 June 2011
| 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
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 15 June 2011
| 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.,
Aparna Raja K.C
(Student)
(520 Points)
Replied 15 June 2011
@ 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 :)
S.M.Dinesh Kumar
(Student IPCC)
(103 Points)
Replied 16 June 2011
Hi, Sharm
If it is proprietorship firm last date of payment is 07th July-2010,
If it is other than proprietorship last date of payment is 07th June-2010.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 16 June 2011
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.
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