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When to pay tds

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Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2014 Suppose a person has received a bill having date of previous financial year in current year and yet now till June of current year he has not made the payment. Is he liable to pay TDS even though he not made the payment yet and if yes then in which year he'll be liable?

Hitendra Jain

Hitendra Jain (Expert)

11 July 2014 Under the TDS related provision Word “Credited” made clear the situation. It means if a liability is created then up to 7 of the following month TDS is to be payable. While bill pertain to previous financial year the TDS had to be paid by 7th of the following month in which bill pertained.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2014 What if the person is following cash basis of accounting? does it make any differance ?

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