Tds on director remuneration

This query is : Resolved

CA Priti Kishor Totala. (Querist)
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19 March 2014 Where Director Remuneration is entered by journal entry at the end of the financial year, as Director Remuneration payable for the year.
1) The liability to deduct and pay TDS u/s 192B arises at the end of financial year or at the end of each month of that financial year?
2) and TDS Return in form 24Q is to be filed Quarterly or We can file for the whole year in Quarter IV Return?

CA Parul Saxena

CA Parul Saxena (Expert)
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19 March 2014 Logically you can not record expense for whole the year at one date only in the last month of the year as accrual concept exist so remuneration must be followed at the end of each month and tds should be paid accordingly.

CA Priti Kishor Totala.

CA Priti Kishor Totala. (Querist)
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20 March 2014 But if the Director Remuneration is not paid during the year can we deduct and pay TDS only once (i.e. at the end of the year)or we have to pay Interest for the delay of deduction and payment of TDS on monthly basis.

CA Parul Saxena

CA Parul Saxena (Expert)
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20 March 2014 In my opinion interest for late deduction and payment must be paid

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