While deducting the TDS which date has to be considered in filng the return. as last date of depositing the TDS is 7th of every month. how one has to considered the entry for the same if the bill dtd. is 31/08/2011 and the payment has been made on 10/09/2011 how to entered the same and what is the right approach for the same. pls. kindly let me know.
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Date of TDS
Replies (3)
Earlier of bill date or payment
In ur case it will be 31/08
When expense is due to be paid. Bill date or payment date whichever is earlier should be taken into consideration.
As per the Income TAx Act, Date of provision creation or payment made made which ever is ealrier has to take to deduct TDS. In this case provision created first, hence 31-8 to be taken for consideration.
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