regarding salary tds

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priti (Querist)
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01 February 2011 salary tds to be paid on due basis or payment basis to govt. pls clarify my doubt.
if our co. is dec.2010 salary on 7th jan of 2011 so tds to be paid to govt. is on 7th feb 2011 or upto 7th jan 2011
its within one week from salary due or salary paid and also if 7th date is missed then full month interest is to be paid

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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01 February 2011 If the salary due (credit ) entry is done on 31/12/10, then TDS to paid by 07/01/11.

If, you directly pass the salary payment entry on 07/01/11 then TDS to be paid by 07/02/11.

But since the mercantile principle is a common accepted accounting practice, 1st one is more prudent to be followed.

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