Tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2012
1)What is the difference between Date of Payment and date of deduction of tax(TDS)?
2)Suppose i make a payment of interest other than interest on securities to a NBFC company on 5th June 2010 without deducting any TDS.On 15th Dec 2011, I deposit tax (TDS with interest applicable) with goverment.Then, on 15 Jan 2012 ,NBFC company reimburses me with TDS amt.
Now what will be the DATE OF DEDUCTION of TDS and Date of payment?
2)Suppose i make a payment of interest other than interest on securities to a NBFC company on 5th June 2010 without deducting any TDS.On 15th Dec 2011, I deposit tax (TDS with interest applicable) with goverment.Then, on 15 Jan 2012 ,NBFC company reimburses me with TDS amt.
Now what will be the DATE OF DEDUCTION of TDS and Date of payment?
CA PARAS BAFNA
(Expert)
27 July 2012
Date of payment:
The date when payment is made for any expenditure. In example given by you, date of payment is 05.06.2010.
.
Date of Deduction:
When the TDS has been deducted or the date of entry related thereto. You have to pass a JV for TDS on the date of credit or date of payment which ever is earlier.
.
Date of Deposit of TDS: 15.12.2011.
.
The date when payment is made for any expenditure. In example given by you, date of payment is 05.06.2010.
.
Date of Deduction:
When the TDS has been deducted or the date of entry related thereto. You have to pass a JV for TDS on the date of credit or date of payment which ever is earlier.
.
Date of Deposit of TDS: 15.12.2011.
.
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