Kindly help : If I have paid to my employee June month's salary on july 5th and made my accounting entry on the same day. In which quarter should I take the tds entry?
Mayank Maheshwari (Article assistant) (99 Points)
15 July 2013Kindly help : If I have paid to my employee June month's salary on july 5th and made my accounting entry on the same day. In which quarter should I take the tds entry?
Divya Shah
(Article Assistant)
(381 Points)
Replied 15 July 2013
TDS ENTRY SHOULD PASSED ON THE DAY WHEN SALARY IS PAID.
SALARY A/C DR.
TDS A/C DR.
TO EMPLOYEE
AND IT WILL CONSIDER FOR 1ST QUARTER ITSELF.
REGARDS,
DS.
Mihir
(Wealth Manager)
(5293 Points)
Replied 15 July 2013
1st April to 30th June is first quarter.
TDS deducted from June salary in july.
TDS will belong to the first quarter.
Mayank Maheshwari
(Article assistant)
(99 Points)
Replied 15 July 2013
I am booking the TDS entry on july 5th, and paying salary on the same date. Why should it not go in second quarter, as payment and booking of accounting entry both are in period of second quarter.
Mihir
(Wealth Manager)
(5293 Points)
Replied 15 July 2013
What if the salary pertains to the month of March? Will it be correct to book the TDS for the 1st quarter or the 4th quarter?
The salary pertains to the month of June, and so is the TDS. And so even if payment has been made in July, the salary pertains to the month of June, 1st quarter.
In some companies, they pass a JV on the last date of the month to make the salary payable and TDS provision. But in some companies, the salary and TDS is booked when it is paid the next month.
Divya Shah
(Article Assistant)
(381 Points)
Replied 15 July 2013
RIGHTLY EXPLAINED BY SIR MIHIR.
AS THE SALARY PERTAINS FOR JUNE AND SO IS THE TDS.SINCE, IT WILL BE CONSIDERED FOR 1ST QUARTER ITSELF.
REGARDS,
DS.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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