Salary of march month,
paid on 7-april,
when will deduct TDS & When will we Deposit tax......
is there any interest charge, if we deposit on upto 7-may....
6 Replies
CA KHAN AURANGZAIB
(ERP FINANCIAL CONSULTANT)
(85 Points)
Replied 08 April 2010
TDS on salary deduct on payment basis. It mean whenever you paid salary tds will be deducted and deposit within within one week from the last day of month in which tds is deducted.
In your case salary paid on 07 april. TDS will be deposited on or befor 07 day of may.
CA NAINA CHOPRA
(MANAGER-AUDIT)
(46 Points)
Replied 08 April 2010
TDS DEDUCTED FROM SALARY MUST BE DEPOSITED WITH IN 7 DAYS OF DEDUCTION, IN ANY CASE
CA KHAN AURANGZAIB
(ERP FINANCIAL CONSULTANT)
(85 Points)
Replied 08 April 2010
APART FROM MY EARLIER ANSWER ,FOLLOWING POINT MUST TAKEN IN YOUR VIEW.
In case if Salary is credited on 31 March, the due date for payment of TDS is 31 May.
BUT as per Rule 30 of Income Tax Rules, Salary is exception to above rule. So it has to be paid within 7th of end of the month in which Salary is credited.
If Salary is credited by your orgnisation on date 31 march , then TDS will be deposited on or befor 07 day of april.
ca dipti sharma
(not yet)
(259 Points)
Replied 08 April 2010
TDS deducted for the month of March should be dedposited till 31st May
so last date for depositing TDs deducted on salary in your case is 31st May, not 7th april
Asmita
(MBA)
(25 Points)
Replied 09 April 2010
Hi,
Two more questions with the same regard.
What if someone's tds is not deducted on or before 31 st march?
can company deduct it in the month of april?
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
