When is actually TDS required to be deducted and paid practically...? Suppose i receive an Invoice from a consultant in december 2017 and I pay the amount to the consultant on January 2018, when am i suppose to deduct and pay tax...??
3 Replies
Preeti (Team_GSTSoln)
(Team GST Experts)
(1926 Points)
Replied 06 February 2018
tds is deducted and deposited-account credited in the books or paid which ever is earlier. as u have received the bill in dec, u will account it for in dec while passing tds entries simultaneously & then will deposit the tds by 7th jan
CA Mayur Todmal
(Practicing CA)
(7756 Points)
Replied 06 February 2018
TDS should be deducted, either on credit or payment whichever is earlier. i.e if you book invoice first - tax should deduct tds
or
if you make payment first : tax should be deducted at this point
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