Tds u/s 192b

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RAKESH BAGGA (Querist)
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31 January 2012 SIR

WHAT IS THE DATE OF DEPOSIT OF TDS UNDER SEC 192B. IS IT DEPOSIT ON DUE BASIS OR PAID BASIS. IN OUR COMPANY PRACTICE DONE IT IS TREATED ON PAYMENT BASIS. I.e IF SALARY OF APRIL MONTH PAID ON 7TH OF MAY. THEN TDS IS DEPOSIT WITHIN SEVEN DAYS FROM THE DATE OF ACTUAL PAYMENTS NOT ON DUE BASIS. IS IT CORRECT PARACTICE OR NOT. PLEASE HELP ME

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 January 2012 There is no section called 192b in the Income tax act,1961.
However income tax has to be deducted on salary at the time of payment.

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