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Tds deduction

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Querist : Anonymous

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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
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CMA Ramesh Krishnan

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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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