TDS payment due date

This query is : Resolved

amruth (Querist)
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08 May 2020 Hi All,

If X is a service vendor Invoice date is 1st January 2020 and due to some issue we have not paid them payment, and paid 5th May 2020 and deducted TDS Rs.5000/- shall we pay interest on TDS, because Invoice date is 1st January 2020.

Thanking you
Kumar

CA ANKIT GADA

CA ANKIT GADA (Expert)
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08 May 2020 Yes Interest is applicable for 5 months. Jan to May @1.5% per month.

amruth

amruth (Querist)
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08 May 2020 Ok Sir, but we paid in May 2020 till we need to pay interest. In case of Arrers of Salary also same rule applicable.

CA ANKIT GADA

CA ANKIT GADA (Expert)
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08 May 2020 Yes interest till May for all 26Q payments. TDS on Salary is based on payment basis and not on accrual basis.

amruth

amruth (Querist)
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08 May 2020 Thanks you very much Sir.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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09 May 2020 Tds compliances apply bill or payment whichever is early tds to be deducted above case tds to be done on January interest applicable for 5 months.

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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09 May 2020 Yes. TDS needs to be deducted either at the time of booking & credit any liability to the recipient or at the time of payment whichever is earlier.

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