TDS DEPOSITING
This query is : Resolved
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
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
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
but actual accrual method of accounting the bill need to be accounted in Jan-2011 itself
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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.
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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08 February 2011
Thanks to Mr. Ramesh Krishnan & Mr. Sanjay Gupta for providing help on the subject. Hoping the same in future. Thanks
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
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
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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