Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2012 Dear Sir,
Please give me some information about tds monthly payment , when it is arrise:-
1) when dealer received bill
or
2) when dealer give payment against the bill.
the due date is 7th of next month, but i can't understand when a dealer received bill for any contract in february and he give the payment in march, so when the tax liability arrise? and what is the due date of payment of tax liability ?

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
Follow

06 April 2012 the date which ever is earlier of credit or payment.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
Follow

07 April 2012 The TDS shall be deposited to government on or before 07/03/2012 Since you have received the bil in february.
The TDS is required to be deducted at the time of booking of expenses or payment whichever is earlier.

Mihir Doshi

Mihir Doshi (Expert)
Follow

07 April 2012 TDS liability arise as soon as you pass an entry into books of account or payment is made, whichever is earlier.

Except for March month where the due date is 30th April, for all other months the due date is 7th of next month.

Thanks
Nihir Doshi

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
Follow

07 April 2012 Basic principle of deduction of tds is,payment made or party a/c is credited (which is fall earlier)
if u credited bill in feb then u have to deposit on or before 7th march.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

07 April 2012 If the bills are submitted against contract then it is applicable but for others like professionals it is also applicable.

You should keep in mind the date and month of booking of expenses in your account. The last date is 7th of next month except for the month of March which is before the due date of filing of the return.