22 August 2012
I have paid the salary to employees for june and july together on 4.08.12 after deducting TDS. Can i pass the entry in august and then i will pay TDS before 7.09.12 without paying any interest. Or I have to pay Interest on TDS?
I have also heard that i can deduct the TDS on salary at anytime during the year. Is it correct?
22 August 2012
You have to deduct TDS on accrual or payment basis whichever is earlier. So if you have booked the entry in August you have to pay TDS by 07th Sept.
For salary you have to compute the liability of the employee and then deduct equal amount of tax throughout the year.
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