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.
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.
CAclubindia
