TDS on SALARIES, when to pay?

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

01 February 2011
Dear All,

U/s 192, Tax deducted at source on employees salaries, when i have to pay to Central Govt. account. Till now, we are paying TDS on salaries with in 7th day of next month to the date of payment of salaries.

But I am not in clarity. I am giving a example.

Salaries payable for the month of December, 2010. Payable J.V passed on 31/12/2010 for December, salaries.

December'10 Salaries actually paid on 21/01/2011.

When I have to deposit TDS on the above salaries?
1) Before 7th day of January, 2011 or
2) Before 7th day of February, 2011.

Suppose December salaries paid in the month of March, when I have to deposit TDS amount?

Please clarify my quest...

Thanks in advance...

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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01 February 2011 Tax should be paid within one week from the last day of the month in which tax deducted.

Since you Debit salary a/c on 31st December, it means you have deducted Tax on 31st December and you should pay tax on or before 7th January

CA Manikandan.A.V

CA Manikandan.A.V (Expert)
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01 February 2011 Tax should be paid only within 7 days of payment of salary. ie, in your case on or before 7th of February.

Sec192. Any person responsible for paying any income chargeable under the head “Salaries” shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the [rates in force] for the financial year in which the payment is made, on the estimated income of the assessee under this head for that financial year.

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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01 February 2011 Agreed with Mr. Sunil.

Since the JV is passed on 31/12/10 & it means that TDS deduction is made on this date then last date of TDS is 07/01/11.

Querist : Anonymous

Querist : Anonymous (Querist)

01 February 2011 Thank you all for immediate response,
but I am in confusion, different views are expressed by all of you.

What is the exact provision for deposit of TDS u/s 192?

Regards...

CA Manikandan.A.V

CA Manikandan.A.V (Expert)
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01 February 2011 Please visit

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=f6e5e708-4d9f-410c-a523-3e75fdb5feb8&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=192&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws

Querist : Anonymous

Querist : Anonymous (Querist)

01 February 2011 Thank you sir, It is clarified.
Others are welcomed to express their views.