Tds

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Jignesh (Querist)
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07 May 2012 Bill Date :- 27/03/2012 (100000)
Bill Payment :- 10/04/2012 (99000)
TDS Pay online :- 20/04/2012 (Amount + 1% Intrest)(1000+100)

Its due in financial year 2011-12

is it right??

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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07 May 2012 Assuming the rate of TDS as 1%, take into account the following -

Due date of payment is 30th April, 2012, so there is no question of interest. Yes, the payment of TDS is due in for Financial Year 2011-2012 only. It is because, TDS arises on the event of payment or credit whichever is earlier.

Jignesh

Jignesh (Querist)
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07 May 2012 As per tds arises on the event of payment or credit...
so it should be deposited with government before 7th April.
it is deposited on 20 th April so 1 % interest ...

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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07 May 2012 For the deductions in the month of march, i.e. from 1st March to 3st march, the due date is 30th April, 2012. So no need of interest.

Jignesh

Jignesh (Querist)
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07 May 2012 okkk so it is on the basis of payment deduction
if deduction is made on 10th april and so tds must paid before 30th april or 7 th may??

Jignesh

Jignesh (Querist)
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07 May 2012 and I already paid tds::
E.g
bill Date : 27/03/2012
Amount : 100000
Bill Payment Date : 10/04/2012
Amounnt : 99000
TDS Payment Date : 20/04/2012
Amount : 1100(10000 + 1 % intrest )

So culd i get it back

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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07 May 2012 As payment is later, TDS should be done as per credit only. However, if there is any credit or payment in April, then due date is 7th May.

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