10 August 2011
Dear Sir, Our Company has received demand notice of TDS interest amount , in which it is mentioned that we have deposited TDS 2 month late ie date of deduction is 31.03. and date of depodited is 30.05 book entry (B)/c,but as per rule date of deposit of TDS of 31st march is 31.May and we have deposited the same on 30.05 Sir what is book entry B/C we cant under stand.
plese suggest what to do as we have deposited the same with in the time ie 30-May.
11 August 2011
Please be clear that rule says 'as on' closing date of accounting period, in your case as on 31st March hence any credit/booking made before 31st march i.e. in between 1st to 30th march will not be covered for the rule of payment within 2months from the date of deduction or credit accounted for in the books.
we have deposited the tds on 7th april from 01-mar to 30-marh, and the TDS of 31-03 has been deposited on 30.05.and in the notice it is clearly mentioned that date od deduction 31.03 date of deposited 30.05 month of default 2 month sir please clear what is book entry means?
11 August 2011
Dear Chauhan You hav'nt indicated completed details here, however the date of falling due means in your referred case would be according to book entry passed i.e. to say the date on which you have credited the payee account, for example if the date on which you credited payee account is 30th march two months will be reckoned from that date and you need to deposit the TDS before 30th may. It is further to reiterate that TDS under following sections will only be covered which are reproduced with the rules: 2. Substituted by the IT (Sixth Amdt.) Rules, 2010, w.r.e.f. 1-4-2010 . Prior to its substitution, rule 30 was amended by the IT (First Amdt.) Rules, 2010, w.r.e.f. 1-4-2009 , IT (Eighth Amdt.) Rules, 2009 (not enforced), IT (Sixteenth Amdt.) Rules, 2004, w.e.f. 30-11-2004, IT (Twelfth Amendment) Rules, 2003, w.e.f. 31-7-2003, IT (Amdt.) Rules, 1967, IT (Fifth Amdt.) Rules, 1967, IT (Second Amdt.) Rules, 1968, IT (Third Amdt.) Rules, 1972, IT (Third Amdt.) Rules, 1973, w.e.f. 15-7-1973, IT (Fifth Amdt.) Rules, 1978, w.e.f. 1-6-1978, IT (Sixth Amdt.) Rules, 1981, w.e.f. 19-6-1981, IT (Sixth Amdt.) Rules, 1988, w.e.f. 12-7-1988, IT (Fifth Amdt.) Rules, 1989, w.r.e.f. 1-4-1988, IT (Twelfth Amdt.) Rules, 1990, w.e.f. 8-6-1990, IT (Sixth Amdt.) Rules, 1991, w.e.f. 28-2-1991, IT (Eleventh Amdt.) Rules, 1991, w.e.f. 1-10-1991, IT (Eleventh Amdt.) Rules, 1992, w.e.f. 1-6-1992, IT (Tenth Amdt.) Rules, 1993, w.e.f. 16-6-1993, IT (Fourth Amdt.) Rules, 1994, w.e.f. 1-6-1994, IT (Twelfth Amdt.) Rules, 1995, w.e.f. 1-7-1995, IT (Third Amdt.) Rules, 1996, w.e.f. 2-7-1996 and IT (Twenty-fifth Amdt.) Rules, 2002, w.r.e.f. 1-6-2002, read as under :
‘30. Time and mode of payment to Government account of tax deducted at source or tax paid under sub-section (1A) of section 192.—(1) All sums deducted in accordance with the provisions of sections 192 to 194, section 194A, section 194B, section 194BB, section 194C, section 194D, section 194E, section 194EE, section 194F, section 194G, section 194H, section 194-I, section 194J, section 194K, section 194LA, section 195, section 196A, section 196B, section 196C and section 196D shall be paid to the credit of the Central Government—
(i) in respect of sums deducted in accordance with the provisions of section 193, section 194A, section 194C, section 194D, section 194E, section 194G, section 194H, section 194-I, section 194J, section 195, section 196A, section 196B, section 196C and section 196D—
(1) where the income by way of interest on securities referred to in section 193 or the income by way of interest referred to in section 194A or the sum referred to in section 194C or the income by way of insurance commission referred to in section 194D or the payment to non-resident sportsmen or sports associations referred to in section 194E or the income by way of commission, remuneration or prize on sale of lottery tickets referred to in section 194G or the income by way of commission or brokerage referred to in section 194H or the income by way of rent referred to in section 194-I or the income by way of fees for professional or technical services referred to in section 194J or the interest or any other sum referred to in section 195 or the income of a foreign company referred to in sub-section (2) of section 196A or the income from units referred to in section 196B or the income from foreign currency bonds or shares of an Indian company referred to in section 196C or the income of Foreign Institutional Investors from securities referred to in section 196D is credited by a person to the account of the payee as on the date up to which the accounts of such person are made, within two months of the expiration of the month in which that date falls;
(2) in any other case, within one week from the last day of the month in which the deduction is made; and
(ii) in respect of sums deducted in accordance with the other provisions within one week from the last day of the month in which the deduction is made:
12 August 2011
1. The due date was 31.05 for amount credited on 31.03, so if you have deposited the tds on 30.05, its correct and there is no default, so can clarify the position to the ITO(TDS)or from where u have received the notice with reference to the Act regarding due date; 2. Secondly, if they are mentioning the book entry it means may be at the time of etds return, you had mentioned "yes" in the book entry column instead of "No", file the correction with "No" in book entry column and reply to the notice with compliance of the same has been done.
17 August 2011
Dear Sir, TDS is related to section 194C ,194J, 194I and in TDS Return in column date of payment/ credit is mentioned as 31.03 (all the TDS is deduction on provision of 31.03.) and in TDS return we have mentioned 'NO' in in book entry column. but in IT notice department mentioned "Book enty" (B)/C
Ded date Dep.dt default Book entry(b/c 31.03 30.05 2month C
So I am totally confused what to do whether filled correction with "YES" in column book entry or give reply without filling correction of TDS return.
in NSDL site it is mentioned that- If payment to the parties (on which TDS has been deducted) has been made actually i.e. by cash, cheque, demand draft or any other acceptable mode, then 'otherwise' has to be mentioned in the specified field. But if payment has not been actually made and merely a provision has been made on the last date of the accounting year, then the option 'Paid by Book Entry' has to be selected.
17 August 2011
Dear Sir, TDS is related to section 194C ,194J, 194I and in TDS Return in column date of payment/ credit is mentioned as 31.03 (all the TDS is deduction on provision of 31.03.) and in TDS return we have mentioned 'NO' in in book entry column. but in IT notice department mentioned "Book enty" (B)/C
Ded date Dep.dt default Book entry(b/c 31.03 30.05 2month C
So I am totally confused what to do whether filled correction with "YES" in column book entry or give reply without filling correction of TDS return.
in NSDL site it is mentioned that- If payment to the parties (on which TDS has been deducted) has been made actually i.e. by cash, cheque, demand draft or any other acceptable mode, then 'otherwise' has to be mentioned in the specified field. But if payment has not been actually made and merely a provision has been made on the last date of the accounting year, then the option 'Paid by Book Entry' has to be selected.
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