Due date for payment of TDS????

CA Trinath Galla (student) (3130 Points)

18 September 2010  

Hi,

am in confusion regarding this, please clarify me.

As per income tax provisions, tds deducted should be paid to the credit of CG within 7 days from the end of the month in which such deduction is made.

However tds made on last day of the financial year followed can be paid to credit of CG within two months from the close of F.Y........this is what i know.

But during the course of our audit of a Limited company, one of our colleague says that closing balnce of tds in the year end can be paid to on or before june 30th, without any interest.that means irrespective of the month in which such balance of tds lying in the closing balance was made, it can be paid on or b4 june 30 without any interest.

i have gone through 3 wel known books but cant find this provision.

please clarify me  whether ny of such provision exists?