Important query on tds
This query is : Resolved
12 July 2013
Very Good afternoon
Dear Expert
How to deduct TDS on a invoice ? Is the TDS applicable on date of invoice or recieving date of invoice ?
It will be great if you can tell me about interest charge on late payment of tds with a comprehensive example
Thanks & regrads
Dear Expert
How to deduct TDS on a invoice ? Is the TDS applicable on date of invoice or recieving date of invoice ?
It will be great if you can tell me about interest charge on late payment of tds with a comprehensive example
Thanks & regrads
12 July 2013
TDS to be deducted on the date of payment or credit whichever is earlier.
Interest on late deduction of TDS 1% p.m.
Interest on Late Deposit of TDS 1.5% p.m.
Fo details regarding calculation of interest on late payment, check below link--
https://www.caclubindia.com/experts/tds-577865.asp
Interest on late deduction of TDS 1% p.m.
Interest on Late Deposit of TDS 1.5% p.m.
Fo details regarding calculation of interest on late payment, check below link--
https://www.caclubindia.com/experts/tds-577865.asp
Message likes :
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12 July 2013
Sir Party has issued a bill on 17/6/2013 , but we have not paid tds to govt on 7/7/2013 So can we credit it our account on 1/7/2013 to save ourself from paying interest for late payment
Thanks !!
Thanks !!
12 July 2013
Yes you can pass the credit entry in books on 01.07.2013 and pay TDS on 07.08.2013. No problems with date provided you have not issued the cheque against above bill.
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