Tds payment by partnership firm
Querist : Anonymous
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?
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.
Querist : Anonymous
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