19 April 2008
TDS Certificate for Salary is required to be issued to employees before 30th April. In most cases accounts are finalized after that date and Provisions of Bonus is made as per availability of Profit and sometime after negotiation with employees/ union etc. Since Bonus and Leave Pay are related with the accounting year ended on 31st March, a provision is made for the same in accounts on 31st March at the time of finalization of accounts.
Hence, it is difficult to deduct TDS before March end, payment of the same to the Government and issue of TDS Certificate before 30th April.
Please enlighten the Provision for deduction of TDS, payment thereof and issue of Certificate. Like wise Employees are also not in the position to wait till finalization of account for filing their Individual Returns.
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