Tds - date of deduction
This query is : Resolved
08 February 2012
What is Date of Deduction Of TDS?
The Case is-
Office Rent Of Rs.20000/- per month.
as per Agreement Rent is payable on or before 7th day of next month.
Actual Rent is paid on 15th of next month.
co.show there liability on last day of every month.as rent payable.
is there late deduction of TDs?
The Case is-
Office Rent Of Rs.20000/- per month.
as per Agreement Rent is payable on or before 7th day of next month.
Actual Rent is paid on 15th of next month.
co.show there liability on last day of every month.as rent payable.
is there late deduction of TDs?
08 February 2012
TDS needs to be deducted on the date of payment of credit whichever is earlier so if you book the liability before making actual payment you have to deduct TDS on the same.
Example:
Rent for the month of December---
Rent booked on 31st Dec but paid on 15th Jan----TDS to be deducted on 31st Dec as the booking date is before the date of payment.
So if rent booked on 31st Dec and TDS deducted on payment on 15th Jan there is a case of late deduction and the same attracts interest @ 1% p.m. or part thereof.
Example:
Rent for the month of December---
Rent booked on 31st Dec but paid on 15th Jan----TDS to be deducted on 31st Dec as the booking date is before the date of payment.
So if rent booked on 31st Dec and TDS deducted on payment on 15th Jan there is a case of late deduction and the same attracts interest @ 1% p.m. or part thereof.
10 February 2012
thanks Sir,
i was also thinking same.
thank you for guiding me Sir.
i was also thinking same.
thank you for guiding me Sir.
10 February 2012
i also have a Que Sir,
is such interest on late ded. of TDS
have to be paid compulsory or wait for notic
because we have already submitted our past returns
is such interest on late ded. of TDS
have to be paid compulsory or wait for notic
because we have already submitted our past returns
10 February 2012
Interest on late deposit needs to be paid at the time of deposit of TDS. i.e, TDS + Interest on Late Deposit.
10 February 2012
but sir we didn't know about that and we have already filed our TDS returns
then now what should we have to do?
then now what should we have to do?
10 February 2012
Then wait for demand notice or default list at NSDL Website.
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