Tds payment by partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 November 2016 Dear Sir / Madam,

is tds payment to be done on monthly or quarterly basis by a partnership firm?

partnership firm was formed last financial year as e-retailer

they are deducting tds on monthly basis but payment is made on quarterly basis. Is it right way to do?

CA SAGAR M. AHUJA

CA SAGAR M. AHUJA (Expert)
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08 November 2016 After the substitution of Rules 30 and 37CA by the Income Tax ( Sixth Amendment) Rules, 2010 tax deducted/collected by a person shall be deposited to government account as follows.
1. Tax is Deducted/Collected by a person (Not being an office of Government) [Challan No./ITNS 281]
> Where income or amount is paid or credited in the month of March: Tax Should be deposited by April 30
> Where income or amount is paid or credited before March 1 : Tax Should be deposited within 7 days from the end of the month in which tax is deducted
In Your Case,
1. TDS payment is to be done on Monthly basis but you are depositing TDS on quarterly basis is wrong.
So, you are liable for Interest
Thanks.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 November 2016 Thank you sir for your advise

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