Subhasish Goenka (-----) (78 Points)
15 January 2013TDS of an employee due for the month of Dec'2012 paid to bank on 05.01.2013 after deduction of TDS amount.
On what date will it be entered into accounts on 31.12.2012 or 05.01.2013 & consequently what is the last date for making the payment of TDS amount.
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 15 January 2013
Due date for payment of TDS will be 7th Feb. and provision for salary payable should be accounted in the last day of the month. Payment entry should be accounted on the date of payment.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 15 January 2013
as accrual system of accounting is being followed it will be recorded in dec12. The payment entry would be made in Jan13 as well as TDS would be made at the time of payment.
kavitha
(studying final)
(830 Points)
Replied 16 January 2013
due entry in dec'12 and payment entry in jan13.
you need to consider two points in this regard.
1.tds on salries has to be deducted at the time of payment but not when it is due
2. within 7 days from the last day of month in which deduction was made.
so in ur case 7th feb is the date for deposit of TDS
Shaik
( M.com,IC(W)AI - Inter)
(723 Points)
Replied 16 January 2013
Salary due or Salary payment whichever is early , base on that tds need to be deduct, that means for month of dec-12 salary , tds 'll be payable before 7th Jan -13.
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