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TDS Tax deducted st sources

Sanjay Kumar Chaubey (Students/ Proprietor) (113 Points)

06 April 2024

If the cheque is dated March and paid by the client in May. When to deduct TDs: March or May? bill date is June months.

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 06 April 2024

TDS will be deduct on June (Bill Date).

(TDS will be deduct on bill date or payment date whichever is earlier.)

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 06 April 2024

If you are missed to deduct on june then deduct on march (payment date).

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 06 April 2024

But Cheque was issued in March will be valid for 3 Months only Up to May , I think he may not be able deduct in June , so consider this point while deducting TDS .

sabyasachi mukherjee (27574 Points)
Replied 06 April 2024

Sec 194 under various subclass mentions tds to be deducted on the basis of credit of bill or payment whichever is earlier.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 06 April 2024

@ Mr Prasad Nilugal,

I think the "bill in June" as PY. it means it's not June-24.

(Also TDS deductible on payment when it's booked in the books of accounts.