05 March 2016
Sir,
In case I forgot to deduct TDS of any person which was in the month of December.. & in the next month I.e January, I deposited challan considering the date of deduction to be of January then the due date of depositing tax will be 7th of next month I.e feb??
05 March 2016
If your books of account reflect the entry of the bill / payment whichever is earlier in the month of January then the due will be 7th of February. Otherwise the date would be 7th January and you will be liable for interest on the deducted month from 1st December till date of payment. If the TDS is on payment made in advance, the date of clearing of the issued cheque would be important - e.g if your bank statement reflects the date of clearance as 24th December, there is no way you can show the payment in January. But if the TDS is on debiting of the invoice received, the entry date can be changed to January, irrespective of the date of invoice, and the TDS liability shifted to February.
05 March 2016
If your books of account reflect the entry of the bill / payment whichever is earlier in the month of January then the due will be 7th of February. Otherwise the date would be 7th January and you will be liable for interest on the deducted month from 1st December till date of payment. If the TDS is on payment made in advance, the date of clearing of the issued cheque would be important - e.g if your bank statement reflects the date of clearance as 24th December, there is no way you can show the payment in January. But if the TDS is on debiting of the invoice received, the entry date can be changed to January, irrespective of the date of invoice, and the TDS liability shifted to February.
05 March 2016
Sir,
Actually the point is about payment of int on late payment.
As per rule 30 it states that the tax needs to be deposited on or before 7th of next month in which DEDUCTION is made.
As I am deducting tax in the month of January therefore I shall not be held liable to pay int in late payment if I deposit the tax upto 7th feb. as per rule 30
Also I am ready to pay the int on late deduction but why shall I pay int on late payment as I was not holding any amount of govt during dec or even January if it is paid by me upto 7th feb.
CAclubindia
