Tds deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 June 2013
What is a rule for deducting TDS
Method 1)When bill recd. for the month of may 2013 and the date is mentioned as 01-06-2013, bill booked for the month of may 2013 and TDS deducted and deposited on 07-06-2013.
Method 2) Bill recd. for May 2013 and date is of 01-06-2013, bill booked for the Month of June 2013 and TDS deducted for June 2013 and deposited on 07-07-2013.
From above which is the right method. Pls. explain with rules and regulations. thanks
Method 1)When bill recd. for the month of may 2013 and the date is mentioned as 01-06-2013, bill booked for the month of may 2013 and TDS deducted and deposited on 07-06-2013.
Method 2) Bill recd. for May 2013 and date is of 01-06-2013, bill booked for the Month of June 2013 and TDS deducted for June 2013 and deposited on 07-07-2013.
From above which is the right method. Pls. explain with rules and regulations. thanks
CMA Ramesh Krishnan
(Expert)
05 June 2013
Since the bill date is 1-6-2013, you have to book the actual bill in June-13 only. but the work related to May-13, you can take the provision on 31st may with actual bills deduct the TDS on 31st May-13 itself and pay the TDS on 7th June 2013. because as per TDS rules TDS need to be deducted on payment or credit of the bills which ever is earlier
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