Dear All
Tds deducted in the finance year 2011-12, for the month of July-2011, in the amount paid the tds every month or every quarter.
Please give suggesion.
Thanking you For all
G.O.REDDy
10 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 19 August 2011
Deposit TDS in the bank within 7 days from the last day of the month in which deduction is made.
Deposit TDS quarterly on 7th July/Oct/Jan/April, AO can allow with the approval of the deputy commissioner
CS Bijoy
(Expert)
(6394 Points)
Replied 19 August 2011
Agreed with Mihir and in case of default than 1.5% interest will be required to pay along with the amount of TDS.
J@$preet
(Article CA-Final)
(149 Points)
Replied 19 August 2011
Deposit TDS before the 7th of the month following in which the TDS is deducted, eg. TDS deducted on 25July,2011 should be deposited with the Govt. before 7th Aug, 2011.
and the return of TDS is to be filed before the month following the quarter in which TDS is deducted. i.e. before 15th Oct,2011 in the above case!
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 19 August 2011
TDS Deposited within 7th day form the last day of month in which TDS deduction is made.
Kunal Singh Chuhan
(Accounts Finance Tax Audit & Patroll)
(24 Points)
Replied 19 August 2011
I agree with sandeep,mihir and convinced with Jospreet
Saakshi
(Article)
(29 Points)
Replied 24 August 2011
interest @ 1.5% is ok for the late deposit but for how many months is it payable? For eg if the tds for the month of feb due on 7march is deposited on 30april,then for how many months is the interest payable?
valji
(Accounts manager-MBA)
(2150 Points)
Replied 25 August 2011
as per exemple two month but if you deduct TDS on 31st march due date of tds is 31st may
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 10 September 2011
TDS DEDUCTED IN A MONTH IS TO BE DEPOSITED UP TO 7th OF NEXT MONTH OR BEFORE.
IF DELAY IN DEPOSIT,INTEREST IS CHARGED,1.5% PER MONTH.
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