TDS Payment

This query is : Resolved

Jitendra M.Gurejani (Querist)
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10 August 2010 Dear Sir,
We have booked the Advertisment Expenses in our Accounting Package on 5/8/2010 i.e
5/7/2010-
Advertisement Expenses A/c Dr- 20000
To Party A/c-20000

and we have made the payment on 2/8/2010- after deducting TDS
Party A/c Dr - 20000
To HDFC Bank - 19800
To TDS A/c - 200.
Now we have deducted TDS of Rs 200. Now when we will make the Payment of Rs 200.
What is the Time Limit. Whether within 7/8/2010 or within 7/9/2010.
Please clarify this.
Thanks
Jitendra

Ram Avtar Singh

Ram Avtar Singh (Expert)
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10 August 2010 seventh of next month
i.e. Month of july exps. booked TDS to be paid up to 7th August.

Jitendra M.Gurejani

Jitendra M.Gurejani (Querist)
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10 August 2010 Thanks Sir. Are the Experts Agreed with this ?

Vimal Saini

Vimal Saini (Expert)
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10 August 2010 TDS should be deposited within 7th of the following month.
and TDS should also be deposited, on Payment or credit whichever is earlier.

So this case TDS should be deducted on 5th July 2010, and to be depositd till 7th of Aug.2010

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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10 August 2010 If the expenses are booked on 05/07/2010 then the lase date of payment of TDS is 07/08/10.

If the expenses are booked on 05/08/2010 then the lase date of payment of TDS is 07/09/10.

Jitendra M.Gurejani

Jitendra M.Gurejani (Querist)
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10 August 2010 Thanking You Sir, It means I have done the mistake. I should deduct TDS on 5th July Itself, right sir.