12 March 2009
If the invoice is booked on 31st march and it is pertaining to March month, then as per new provisions you can pay the TDS before the date of filing of IT return as per income tax act.
Relevant provision of Income tax act is reproduced below:
any interest, commission or brokerage, rent, royalty, fees for profes¬sional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work (including supply of labour for carrying out any work), on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid,— • (A) in a case where the tax was deductible and was so deducted during the last month of the previous year, on or before the due date specified in sub-section (1) of section 139; or • (B) in any other case, on or before the last day of the previous year: Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted— • (A) during the last month of the previous year but paid after the said due date; or • (B) during any other month of the previous year but paid after the end of the paid previous year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. The aforesaid provision was introduced by Finance Act 2008
12 March 2009
Date of invoice is not relevant for TDS purpose. The date of credit/paymant is relevant.
It is a common practice to account for invoices for earlier months in subsequent months to avoid penal consequences, more so, bills for earlier months in Mar.
In such a senario, TDS can be deposited before due date of filling return of income, of course along with interest. (No interest, if paid within 31.05.yyyy)
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