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Due date of Paying TDS

JOYAL GEORGE (Partner M/s Balan & CO Cochin) (388 Points)

24 August 2009

What is the due date of paying TDS collected for the month of March? Is it May 31st or before filing the return u/s 139(1)?

What about the disallowance for provision made on 31 March?

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6 Replies

ashish gupta ( student) (1922 Points)
Replied 24 August 2009

the due date for depositing the tax is may 31st. but even if it is deposited after that date with interest but before filing the return u/s 139(1) the related expense will be allowed as a deduction in that same AY.

I hope ur doubt is clarified now.

CA.Tarun Maheshwari (CA, DISA) (7150 Points)
Replied 24 August 2009

Pls dont get confused. The due date for the month of March upto 30th March is 7th April. The due date for TDS deducted on 31st March only is 31st May. You have to deduct TDS and deposit accordingly. But if you are late in deduction and deposit, then you can deposit the TDS of full March month by due date of filing of ITR. In that case the expense shall not be disallowed. If it deposited after that date, the the relevant expenses shall be disallowed in relevant previous year, and shall be allowed in the previous year in which such late TDS is deposited.

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RITESH KOTHARI (B.COM, FCA, DISA(ICAI)) (778 Points)
Replied 24 August 2009

I FULLY AGREE WITH TARUN.

LAST DATE FOR DEPOSIT OF TDS DEDUCTED UPTO 30TH MARCH IS 7TH APRIL.31ST MAY IS THE LAST DATE FOR DEPOSIT OF TDS DEDUCTED ON 31ST MARCH.

BUT EVEN IF YOU DEPOSIT THE TAX BEFORE DUE DATE OF FILING OF RETURN U/S 139(1), THE WHOLE OF EXPENSES IS ALLOWED IN THAT P.Y., OTHERWISE IF DEPOSITED AFTER DUE DATE OF RETURN THEN THAT EXPENSE WILL BE ALLOWED IN THE NEXT P.Y.

REGARDS,

CA RITESH KOTHARI

Sandeep Marathe (CA Final) (423 Points)
Replied 24 August 2009

thanx Tarun Sir. Actually i known the fact that tds of march should be pay by 7th April, but unaware of the 31st March mistary. Thanx for sharing with us.