Effect on TDS Deposit???

This query is : Resolved

Naveen Ahlawat (Querist)
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24 August 2010 R/Sir,

One of our vendor raise invoice on date 30.06.2010 but we are credited the same on 23.07.2010.so i want to know wt its effect on the deposit of tds.Is it ok if i am deposit tds in august or it is deposit in july.

Please tell me in detail is it ok as per IT ACT.Please reply me asap.

Regards,
Naveen Kumar

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 August 2010 TDS to be deducted on date of payment or date of credit whichever is earlier. In your case you have credited on 23.07.10 so due date of payment was 07.08.2010.

Naveen Ahlawat

Naveen Ahlawat (Querist)
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24 August 2010 thanks for that reply....

For examble if we r entered any invoice dated 30.06.2010 in 1.08.2010...is it ok as per income tax....
because of that the tds is deposit after 2 months aprox..

please reply me.

regards

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 August 2010 Yes. There is no problem you received the bill late. You can only make credit entry on receipt of bill.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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24 August 2010 TDS to be deducted at the time of payment or credit whichever is earlier. So if expenses being booked on 01.08 then TDS to be deducted on that date and it is ok stated by sanjay above.

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Naveen Ahlawat

Naveen Ahlawat (Querist)
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24 August 2010 thanks for the quick reply....

regards,
naveen

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