TDS Payment

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This query is : Resolved

Krishna (Querist)

07 September 2008 Dear Experts,

I have a doubt about payemnt of TDS.

As per the Act, TDS to be paid before due date ie 7th of next month. If i paid by cheque/draft before due date but cleared after due date.

Whether it will come under delay in payment? can u give your expert opinion with Circular reference.

Reetika Goel

Reetika Goel (Expert)

08 September 2008 The date which bank writes on Challan is considered as the depositing date.
The Act defines that TDS should be deposited within a Week from the end of month.
Deposited here means money should be transfered to the Government account till 7th in order to escape delay.
If payment is made through check, it generally takes 3 days to transfer funds to the Govt. account, hence it should be deposited till 3rd or 4th so that it gets clear till 7th and you escape from delay.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

08 September 2008 Tedering date of cheque to the bank will be considered as the date of deposit if the cheque is honoured.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)

08 September 2008 great article on the issue by RAJAN GUPTA..........DO NOT MISS IT

https://www.caclubindia.com/articles/article_list_detail.asp?article_id=923

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