Tds on salary

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This query is : Resolved

Raghu Adiga (Querist)

19 April 2013 Dear sir,

Whether TDS has been deduct and remittance monthly basis for a employee or can we remittance at the end of march month for whole year? Please suggest me sir.

if monthly basis whether we have to pay any interest for delay remittance?

Kindly suggest the answers at the earliest.

CA Vikas Acharya

CA Vikas Acharya (Expert)

19 April 2013 tds to be deducted on payment basis in case of salary, if late yes you have to pay the interest.

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CA Prashant Gupta

CA Prashant Gupta (Expert)

19 April 2013 Dear Raghu
We can deduct TDS on salary in March month only. only 192 allows to deduct TDS not on regular basis, if we didn't deduct TDS in previous months then we can adjust that in till March.
but if you deducted TDS in any month then you need to deposit it till 7th of next month.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

05 June 2013 Dear Prashant you are not correct as TDS has be deducted every month and deposit it accordingly the provision which you are mentioning is that if any short or excess TDS has been made then it can be adjusted against deduction for the month of March and not for the whole year. Any delay in deduction and delay in payment shall be liable for Interest. If this procedure of late deduction and late payment is followed on regular basis then there can be prosecution

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