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TDS on Bonus Payment

This query is : Resolved 
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(Querist)
12 March 2008 Dear Sir
Our Company will be Credited the bonus amount for the year 2007-08 on 31-03-2008 to the employee personnel account and bonus payment will be paid in jun'2008.when we will deduct TDS on Such bonus U/s.192 in financial year 2007-08 or 2008-09 please clarify the matter is very very urgent
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
12 March 2008 TDS IS APPLICABLE ON CREDIT OR PAYMENT WHICHEVER IS EARLIER THEREFORE THE TDS SHALL BE DEDUCTED FOR F.Y 2007-08.
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CA Praveen Chopra

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CA Praveen Chopra (Expert)
12 March 2008 Bonus is taxable under the head salary and according to section 192, any sum chargeable under the head salary is subject to tds at the time of payment so in your case tds is to deducted in financial year 2008-2009.
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G.N.V.D.Kiran

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G.N.V.D.Kiran (Querist)
12 March 2008 Dear Praveen Chopra

Please Compare the answers in TDS on Bonus Payment & TDS on Bonus Provision
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
12 March 2008 TDS IS NOT SUBJECT TO PAYMENT BUT ON BASIS OF PAYABLE/PAYMENT WHICHEVER IS EARLIER
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CA. Kirti S. Ganatra

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CA. Kirti S. Ganatra (Expert)
12 March 2008 Financial Year 2007-08
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MANAS ROUT

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MANAS ROUT (Expert)
12 March 2008 TDS IS APPLICABLE ON PAYMENT OR CREDIT WHICHEVER IS EARLIER THEREFORE THE TDS SHALL BE DEDUCTED FOR F.Y 2007-08.
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R.V.RAO

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R.V.RAO (Expert)
12 March 2008 TDS APPLICABLE US 192 FOR FIN.YEAR 2007-2008, BONUS BEING PART OF SALARY(BINUS IS FOR YEAR 2007-08).
R.V.RAO
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