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Tds on payments

28 March 2013

Hi,

Few Questions I have on TDS

1) For the 4th quarter 2012-2013, how to deduct TDS. Should I deduct TDS only upon payment of a bill or should I deduct TDS even if i haven't paid the bill, but I have the bill in my hand ?

2) Also what if I get the bill in April/May for services utilized in March 2013 ? Should I still deduct TDS ?

3) What is the last day for payment of TDS deducted and what is the last date to file ETDS return ?

4) Should I file annual return for 26Q ?

Sorry for too many questions, but I am a new accountant. Thanks !

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5 Replies

(Guest)

1. Bill has to booked as on 31st march 2013. Along with it TDS also needs to be deducted. TDS has to be deducted on payment or credit whichever is EARLIER.

2. Provision has to be made along with TDS on the same on 31st March

3. TDS to be deposited 7th of next month

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CA.Vinita Gupta (Deputy Manager- Finance) (2923 Points)
Replied 28 March 2013

For the fourth quarter 30 th April is the last date for Payment of TDS

Vinodh Lakshmanan (MBA) (64 Points)
Replied 02 April 2013

Thanks to both !!

Khushbu Jaiswal (CA Finalist) (528 Points)
Replied 02 April 2013

TDS is required to be deducted on payment or credit whichever is earlier. TDS need to be deducted in the F.Y.2012-13 if the bill date or the payment date is on or before 31.03.2013 and should be deposited to govt. on 7th of the following month in which the TDS is deducted.

In case TDS is deducted in the month of march, the due date of payment is 30th April.

Khushbu Jaiswal (CA Finalist) (528 Points)
Replied 02 April 2013

The Due date for filling of TDS return is 15th July, 15th Oct, 15th Jan and 15th May for the respective quarter and the TDS return for 26Q is to be filled quarterly but not annualy.

In case you have not filled the quarterly 26Q TDS return, you should file the same.