Date of Credit or Date of Deposit

WHAT IS THE CRITERIA FOR THE PAYMENT OF TDS ON DUE DATE? . WHETHER THE DUE DATE IS BASED ON DATE OF CREDIT OR DATE OF DEPOSIT?

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Originally posted by :ayyappa
" WHAT IS THE CRITERIA FOR THE PAYMENT OF TDS ON DUE DATE? . WHETHER THE DUE DATE IS BASED ON DATE OF CREDIT OR DATE OF DEPOSIT? "


 

There is debate on this matter, to the best of my knowledge it is the date of credit in the account that should be taken into consideration for calculation of any delay,etc.

As per rule dt of deposit of cheque towards payment of TDS is to be considered as dt of payment. However, if the cheque gets dishonoured by any means, penalty shall be computed from the last dt within which payment has to be made and not the dt on which cheque dishonoured.

Date of Deposit shall be construed as the date of payment.

 

In case of Cash deposit of tax, the date on the challan will be same but in case of cheque, the date on which cheque is deposited with bank for tax shall be taken as date of deposit (subject to dishonour of cheque).

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