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Tax collected at source

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Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2011 when to pass entry for tax collected at source for interest on inter corporate deposits?? while passing due entry or receipt entry??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

30 December 2011 Tax Collected at Source?
I think you want to say Tax Deducted at Source(TDS).

Its to be deducted on date of payment or due entry whichever is earlier u/s 194I at 10%.
So pass TDS entry at the time of payment or credit (due entry) whichever is earlier.

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Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2011 no sir..if i m d reciever of income..thn d payee ll deduct d tax..in my book when should i pass entry for such tds..?? while passing due entry or receipt entry??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

30 December 2011 If you are the receiver of the income and the TDS has been deducted from you then pass the entry on the date on which TDS has been deducted from you.

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