Dear All,
I requst you to all please give me the infomation about tds deduction from party on bill recieved or payment what is first.
sundhar
9 Replies
avinash singh
(Student)
(122 Points)
Replied 16 February 2015
you should deduct TDS when you received the bills.
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 16 February 2015
As per TDS Provisions, Payment or credit which ever is earlier! Payment means actual cash outflow and credit means entry in books by crediting such amount in his account. There are certain exception to the above provision viz., Sec 192 (Salaries), 194B (Lottery winnings, Cross Puzzles e.t.c), 194BB (Winnings from Horse races) and 194LA (Compulsory acquisition of Immovable property). In those sections you have to deduct TDS on payment basis. In all other cases Payment or credit which ever is earlier. So if you pay advance payment then deduct T.D.S at that time and if you receive invoice first (i.e payment later) then deduct T.D.S on the date of receipt of invoice. For any furthur clarifications pls feel free to send me PM.
shubham shukla
(ACCOUNTS MANAGER)
(173 Points)
Replied 16 February 2015
Basic Principle of deduction of TDS:-
You have to deduct TDS at the time of amount paid to party or party's a/c credited in books whichever is earlier.
Regards,
Shubham
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 16 February 2015
In simple,
you have to deduct TDS when party accounts is credited or pament made to party, whichever is earlier.
Ashok J
(CA Final)
(880 Points)
Replied 16 February 2015
Date of payment or date of entry in books of account whichever is earlier
PURNACHANDRA RAO Y
(ACCOUNTS MANAGER)
(22 Points)
Replied 16 February 2015
Mr. Sundhar
As Subham & Arif above. and payment of TDS to the Department is before 5th of next moth.
with regards
PURNA
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 17 February 2015
| Originally posted by : PURNACHANDRA RAO Y | ||
 |
Mr. Sundhar As Subham & Arif above. and payment of TDS to the Department is before 5th of next moth. with regards PURNA |
 |
Hi Purna, Please note the payment should be within one week of next month. not within 5 day.
shubham shukla
(ACCOUNTS MANAGER)
(173 Points)
Replied 17 February 2015
Time of Deposit TDS for Non Govt. Deductor:-
|
TDS for the month of March |
On or before 30th of April. |
|
TDS for other months |
On or before 7 days from the end of the month, in which tax deducted. |
Regards,
Shubham
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