Tds on salary

This query is : Resolved

pankaj kumar mishra (Querist)
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03 August 2018 dear Sir

basically this is a normal query but in according to my understanding i really confused to take about it.

Q- if we paid salary to employee for the month of April in next to 7th (may) and the employee salary is taxable so which month i should to deduced TDS on At the month of April or At the time Of payment the salary.

if we paid salary salary may month so TDS deposit due date will be next of 7th (june)

is it right or wrong please suggest me.

Thiyagarajan Kandasamy

Thiyagarajan Kandasamy (Expert)
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03 August 2018 sir you have to make a provision entry in your books of account at the end of Apr month and pay TDS as on due date. Payment in the sense what date it will be paid may not be consider, this is from Employer side, if employee received the salary for the month of Apr at the month of may he also take a provision at the time of filing Income Tax as mercantile system,

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pankaj kumar mishra

pankaj kumar mishra (Querist)
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07 August 2018 Dear sir

Thanks for resolved my above mention query!!

I have one other query regarding provision for income tax

How to book provision for income tax entry

Basically my friends suggest to me for book entry like following!
31/3/8018
P/L. A/c Dr.
To provision for income tax

Is it right or wrong
Please answer me

Thiyagarajan Kandasamy

Thiyagarajan Kandasamy (Expert)
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17 August 2018 yes correct, but you have any previous loss it also be set off in the current year.

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