TDS DEPOSITING

This query is : Resolved

Bharat Patel (Querist)
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07 February 2011 SIR,

I AM SERVING IN EDUCATIONAL INSTITUTE. I RECEIVED CONTRACTOR BILL FOR HOUSEKEEPING & SECURITY SERVICES EVERY MONTH. FOR JAN.-11 I RECEIVED BILL ON 1ST OF FEB.-11. WHEN I HV. TO DEPOSIT TDS ON SUCH BILL? BEFORE 7TH OF FEB. OR UPTO 7TH OF NEXT (MARCH) MONTH.

BHARAT PATEL-VADODARA-GUJARAT

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 February 2011 Based on the accounting of the bill date, if you are accounting the bill in Jan-2011 itself then the TDS need to be deposited 7th feb, if the bill accounting happen in Feb-2011, then the TDS due date is 7th march

but actual accrual method of accounting the bill need to be accounted in Jan-2011 itself

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 February 2011 Since the bill was received on 1st Feb 2011 Due date of payment of TDS will be 7th of march.
Simple logic is without getting the bill how can you know the exact bill amount. You account for the bill on receipt basis and deduct TDS thereon.

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Bharat Patel

Bharat Patel (Querist)
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08 February 2011 Thanks to Mr. Ramesh Krishnan & Mr. Sanjay Gupta for providing help on the subject. Hoping the same in future. Thanks

Bharat Patel

Bharat Patel (Querist)
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08 February 2011 sir,

my question is that if i hv. deposited tds late. can i deposit interest in next qtr. what are the procedure.

Bharat patel-Vadodara-Gujarat

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 February 2011 If you late deposit the TDS then you need to deposit the same along with interest. No need to deposit the interest in next quarter. The same is to be deposited along with TDS amount.

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