Tds - date of deduction

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kirti (Querist)
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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?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

kirti

kirti (Querist)
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10 February 2012 thanks Sir,

i was also thinking same.

thank you for guiding me Sir.

kirti

kirti (Querist)
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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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

kirti

kirti (Querist)
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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?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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10 February 2012 Then wait for demand notice or default list at NSDL Website.

kirti

kirti (Querist)
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10 February 2012 ok,

thank you Sir.

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