If a company pays the salary for its employees on the first day of the succeding month . Say March in April 1st , April in May 1st then when should the tax be deducted ??
Nishath Firdouse (CA ) (61 Points)
16 March 2010If a company pays the salary for its employees on the first day of the succeding month . Say March in April 1st , April in May 1st then when should the tax be deducted ??
Amir
(Learner)
(4016 Points)
Replied 16 March 2010
Dear Nishant,
In case of Salary TDS is to be deducted at the time of payment therefore on First of succedding month.(For salary of April - 1st May)
The same has to be deposited within 1 week from the end of the month in which it is deducted..(For salary of April - Paid on 1st May - Tds has to be deposited till 7th June)
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