Ad-Free CAclubindia and daily updates on your mobile. Subscribe Now!

TDS paid the every month or every quarter

obalreddy (accountant) (282 Points)

19 August 2011

Dear All

Tds deducted in the finance year 2011-12, for the month of July-2011, in the amount paid the tds every month or every quarter.

Please give suggesion.

Thanking you For all

G.O.REDDy

Reply
Follow
Share

10 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 19 August 2011

Deposit TDS in the bank within 7 days from the last day of the month in which deduction is made.

Deposit TDS quarterly on 7th July/Oct/Jan/April, AO can allow with the approval of the deputy commissioner

valji (Accounts manager-MBA) (2150 Points)
Replied 19 August 2011

agree with above

CS Bijoy (Expert) (6394 Points)
Replied 19 August 2011

Agreed with Mihir and in case of default than 1.5% interest will be required to pay along with the amount of TDS.

J@$preet (Article CA-Final) (149 Points)
Replied 19 August 2011

Deposit TDS before the 7th of the month following in which the TDS is deducted, eg. TDS deducted on 25July,2011 should be deposited with the Govt. before 7th Aug, 2011.

and the return of TDS is to be filed before the month following the quarter in which TDS is deducted. i.e. before 15th Oct,2011 in the above case!

ashu (Trainer) (22 Points)
Replied 19 August 2011

who will liable to pay tds on quarter basis

C.A. Sandeep Wawhal (Chartered Accountant PGDFM BCom.) (1823 Points)
Replied 19 August 2011

TDS Deposited within 7th day form the last day of month in which TDS deduction is made.

Kunal Singh Chuhan (Accounts Finance Tax Audit & Patroll) (24 Points)
Replied 19 August 2011

I agree with sandeep,mihir and convinced with Jospreet

Saakshi (Article) (29 Points)
Replied 24 August 2011

interest @ 1.5% is ok for the late deposit but for how many months is it payable? For eg if the tds for the month of feb due on 7march is deposited on 30april,then for how many months is the interest payable?