Tds on salary 192

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2012 As per our Company we are accounting the salary on 30th of every month but the actual payment is made on 7th of subsequent month. as per the act says tds to be made on actual payment . if we deducted the TDS on 7th of month not on the day on accounting. then in this case when is the liability to deposit of TDS to government arises.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

12 October 2012 7th of the next month to the deduction made month i.e actual payment made month. But you should be recorded it as date of payment is 7th of payment month for the purpose of filing of e-TDS returns. In case you treated it as i.e date of payment as the date of accounting made date then the TDS deposit to be done by 7th of the subsequent month i.e payment month. For easy understanding following example.

Assume salaries payable for the month September accounted on 30th September and actual salaries paid on 7th October and the TDS also deducted on the same date. Then in this TDS deposited due date is 7th November But you have to treat date of payment is 7th October for the purpose of e-TDS filing. In case you treated date of payment is 30th September then the due date to deposit TDS is 7th October.

OM SAI SRI SAI JAI JAI SAI

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now