Friends
A company could not pay salary for month of January on 1st February after recognising the expense on 31/01/16 as has been the practice for last few years due to acute fund shortage and other business reasons.
It debited salary cost on 10/02/16, deducted tax at source on same day and paid salary on 12/02/16.
It will deposit tds deducted on or before 07/03/16.
Will there be any non compliance of TDS provisions under section 192 read with section 201 of Income Tax Act 1961.
Please provide your considered views.
Regards
Dipjyoti
CAclubindia
