Important query on tds

This query is : Resolved

kamal (Querist)
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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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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

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kamal

kamal (Querist)
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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 !!

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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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