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TDS ON ADVANCE RENT PAYMENT

sunny (ACCOUNTANT) (25 Points)

07 July 2007

hello to all respected sir,

i want to know about tds on advance payment.

1) if i have deducted tds on 28-05-07 while making payment for the month of may then what is the date for depsoiting the tds.

2) if i make payment after deducted tds on rent for the month of june-07 on dated 28-05-07 (it means advance payment for Rent) then what is the last date for depositing the same amount. is it 07-06-07 or 07-07-07?

plz tell me

thanks in advance

sunny

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10 Replies

sundar (executive - accounts) (22 Points)
Replied 07 July 2007

Tds should be deducted on credit to the party or payment whichever is earlier .when u paid rent on 28 th may , tds could be deducted on the same day , which will due on 7th june

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sunny (ACCOUNTANT) (25 Points)
Replied 07 July 2007

but if i make payment of july month in advance i mean if i paid july month paymeny on 7-6-07 then what is the time limit for depositing the same?

CA Nikita (Chartered Accountant) (4158 Points)
Replied 07 July 2007

Tax will be deducted on advance rent...the tax should be deposited within 1 week from the last date of the month in which tax deduction is made....(as per the prescribed time limit under IT Act) therefore in this case credit to the CG should be within 07-06-07... hope this clears ur query...

Raj (CA) (514 Points)
Replied 09 July 2007

same day i.e 07/06/07 butcriterion will be changed when you dealy for one day i.e 08/06/07 then due date is 07/07/07

(Guest)

I had paid the rent advance from june 2007 Rs 10393 per month.can i dedect the tds this mont rent advance

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(Guest)

TDS ON ADVANCE RENT

(Guest)

hi,

i want to write a letter of advance rent paid is return back from the ower of the house.so pls suggest me

Regards

sh*tal

(Guest)

my question is I have paid Rs 88000/- as advance rent to company should i deduct tds on the same amount.

plese sujjest me

Thanks in advance

regards

niranjan

(Guest)

sir

plz guide me at what rate tds on a trust for rent should be deducted and wether surcharge is applicable to it

(Guest)

Hi,

If i deducted tds on advane paymnet in the month of june and filed the Etds returns , in the month of Oct i came to know the tds deducted was wrong and i debited tds account and paid to the party.

Is this allowed in The TDS act ??????????. If not how to pay the vendor, in these cases.

Regards

Amit