Is TDS Deducted on accruals or actuals
This query is : Resolved
Pushparaj. A
(Querist)
14 May 2009
Hi,
We do deduct tds on our payees. But we don't deduct for any payables right now. Is this ok or else whether the tds to be remitted for payable amounts also. Kindly reply.
Payment Type: Rent.
Regards
Samrat
We do deduct tds on our payees. But we don't deduct for any payables right now. Is this ok or else whether the tds to be remitted for payable amounts also. Kindly reply.
Payment Type: Rent.
Regards
Samrat
14 May 2009
Tax is to be deducted at the time of credit or payment whichever is earlier. So on payables u have to deduct tax.
Time for depost of TDS.
1)In case of deduction by or on behalf of Govt on the same day.
2)In all other cases:-
a)amount credited to the payee's a/c on the last day of the accounting year-with in 2 months from the end of the month in which credited.
b)other cases-with in 1 week from the last day of the month of tax deduction.
Time for depost of TDS.
1)In case of deduction by or on behalf of Govt on the same day.
2)In all other cases:-
a)amount credited to the payee's a/c on the last day of the accounting year-with in 2 months from the end of the month in which credited.
b)other cases-with in 1 week from the last day of the month of tax deduction.
CA PARVEEN GAMBHIR
(Expert)
15 May 2009
it is to be deducted at the applicale rates either on payment or when amount is credited to the account of payee, which ever is earlier.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Ito add credit side of bank
- GSTR9 Annual Return
- Rent agreement of House of deceased person
- ARCA LOGIN
- Form 144 TDS Return Validation error
- TDS Return Statement Status
- Upload Level ValidationITR3Category of Defect B/D
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- MSME Payment Sec.43B (h)
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
