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Tds

RUCHI (Chartered Acountant) (101 Points)

28 April 2016

Advance rent is paid for the month of march in January. What is the due date for deduction of tds and deposit of tds ?

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8 Replies

Vishal Goel (Chartered Accountant) (1688 Points)
Replied 28 April 2016

Hello, TDS should be deducted either at the time of actual payment of rent or at the time of its credit to the account of the payee whichever is earlier.

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RUCHI (Chartered Acountant) (101 Points)
Replied 28 April 2016

If it is deducted in the mont of jan , then what is the due date of deposit of tds for march month rent

RUCHI (Chartered Acountant) (101 Points)
Replied 28 April 2016

7 th of month following march or jan?

manoj patidar (bdbdbd) (4 Points)
Replied 28 April 2016

Due date for deposition will be 7th February.

Arun choudhary (articalship) (153 Points)
Replied 28 April 2016

TDS is deduct on actual payment Basis. and also deposit date is 7th of Following month. hence in this situtation TDS should be deposited till 7th of FEB

Prashant Hegde (Professional) (262 Points)
Replied 29 April 2016

Due date for payment was 7th February. If that amount is not paid till now then you have to pay 4 month interest @ 1.5%pm i.e 6%.

1 Like

RUCHI (Chartered Acountant) (101 Points)
Replied 29 April 2016

ok. thanks

If advance rent is paid in month of jan for financial year 2016-17 i. e.april to may month , and tds is deducted in month of jan and deposited on 7 th feb. Then how can the benefit of tds for April to May month is availed as tds deposited in reflected in financial year 2015-16.

Prashant Hegde (Professional) (262 Points)
Replied 29 April 2016

There is rule that TDS also should go to the year for which we are incurring expenses.
How you have paid advance rent in FY 2015-16 like that only TDS also will go to that year.