Tax deduction at source

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This query is : Resolved

CA Anil Jain (Querist)

06 November 2007 Dear sir/Madam,

In the quaterly TDS return on which pattern we pass entry i.e.amount due basis to the party or when the actual amount paid.
e.g.
We deduct the TDS & Deposit in the bank ,but to the party we make payment in the next quatrter.Wat should be done in this condition and what remedy if Vice-versa ?
Regards,
Anil Jain.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)

06 November 2007 Tax is to be deducted at source on credit or payment whhichever is earlier .
On making TDS , credit TDS payable and debit party .......other entries are in normal course.While paying TDS , debit TDS payable .

CA Anil Jain

CA Anil Jain (Querist)

06 November 2007 If we make payment to the patry but deposit TDS amount in the next Qtr. with int.Whether we r required to Revise the Return or not.

CA. Rayan Sequeira

CA. Rayan Sequeira (Expert)

06 November 2007 Yes since the credit belongs to the previous qtr the previous qtr returns have to be revised

KAAPIL

KAAPIL (Expert)

06 November 2007 Returns have to be revised.

CA Anil Jain

CA Anil Jain (Querist)

06 November 2007 If payment to party & deposition of TDS both in the next qtr. whether we require to revise the return or we make entry in the next qtr. date ?

CA Anil Jain

CA Anil Jain (Querist)

06 November 2007 Yes revise it

Ravikumar.G

Ravikumar.G (Expert)

06 November 2007 Obviously you are correct Mr.Anil. Payment or credit whichever is earlier. If you had created respective journal in last month for ex 30.06.2007 you would have paid the respective TDS within 7 days of subsequent month. The respective entry would have included in your 1st quarter e-TDS return

CA Anil Jain

CA Anil Jain (Querist)

13 November 2007 Now plz tell me in the TDS Return the date of Payment or credit whichever is earlier is written. In that, credit to party is generally made on the bill's date.Then,should we pass entry on the bill date.
But in the E-Filing there is only one option is shown i.e. date of payment .
Can we write the date of bill in place of date of payment.

Regards,