Tds on 194h

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This query is : Resolved

CA Dipak (Querist)

30 December 2011 we have made consignment sale to our sister concern since april 2011.we paid commission for such as agree.now we are in receipt sale patty for all sale made since april 2011 in month of dec 2011.sale was made by sister unit in respective month before dec 2011 but sale patty was made in dec 2011 and all sale patty were dated on 1-12-2011. we have not made any entry of commission in a/c yet.
now my que is how to deduct tds on coomission i.e from april to nov in month of dec 11 with interst or making entry in dec and decuct w/o interst in month of dec 2011?

urgent
plz

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

01 January 2012 You may get a Debit Note from your Commission Agent (Sister Concern) giving particulars of sales effected by them now.

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You have to deduct TDS when you either credit or pay the amount on the basis of "whichever is earlier". Since you are crediting its account in Dec only, pay TDS within 7 days from the end of the month.
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No need to Add Interest etc. and treat as if things are done well in time.

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