What is the last date to deposit TDS on salaries. I think it would be deposited within one week from the last day of the month in which tax is deducted but I have found a contrary view in a website of a CA firm, it says that "TDS on Salaries is to be paid within 7 days from the date of payment.".
What would be last date to deposit TDS on salaries.
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TDS from salary has to be deposited within 7 days for the date of deduction. TDS from other than salary has to be deposited within 7 days from the end of the month.
Originally posted by :Lalit |
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| " | What is the last date to deposit TDS on salaries. I think it would be deposited within one week from the last day of the month in which tax is deducted but I have found a contrary view in a website of a CA firm, it says that "TDS on Salaries is to be paid within 7 days from the date of payment.". What would be last date to deposit TDS on salaries. |
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As per the latest provisions TDS is to be deposited within 7 days from the last day of month in which tax is deducted irrespective of nature of payment through Form No.17
| Originally posted by :Deepak Tapse | ||
| " | TDS from salary has to be deposited within 7 days for the date of deduction. TDS from other than salary has to be deposited within 7 days from the end of the month. |
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Under which provision, u can say so. Because according to CIRCULAR NO. 2/2009, DATED 21/5/2009, Para 12(ii) says,
Rule 30 and Rule 37 CA of the Income-tax Rules, 1962 have been substituted to provide, inter alia, for the following: -
Latest provisions says
(a) All sums of tax deducted
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Yes you are right, but i informed as per current provision which has to be followed till 30th june 09.
Originally posted by :Lalit |
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| " | Originally posted by :Deepak Tapse " TDS from salary has to be deposited within 7 days for the date of deduction. TDS from other than salary has to be deposited within 7 days from the end of the month. " Under which provision, u can say so. Because according to CIRCULAR NO. 2/2009, DATED 21/5/2009, Para 12(ii) says, Rule 30 and Rule 37 CA of the Income-tax Rules, 1962 have been substituted to provide, inter alia, for the following: - (a) All sums of tax deducted at source under Chapter XVII-B and of tax collected at source under Chapter XVII-BB shall, in general, be paid to the credit of the Central Government within one week from the end of the month in which the deduction, or collection, is made. Similarly, the same time limit for payment will also apply for income-tax due under sub-section (1A) of section 192. (b) It is mandatory for all deductors (including Central Government and State Governments) to pay the amount by electronically remitting it into the RBI, SBI or any authorized bank. (c) It is mandatory for all deductors (including Central Government and State Governments) to make the payment by electronically furnishing an income-tax challan in Form No. 17. |
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| Originally posted by :Deepak Tapse | ||
| " | Yes you are right, but i informed as per current provision which has to be followed till 30th june 09. |
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But which provision is applicable now?
Any Section or Circular or Notification saying so is not found to me. Please help me
There is no confusion at all
According to Section 192 , tax is to be deducted at the time of payment
.Rule 30 provides for time of deposit as within one week from
the end of month in which the deduction is made. There is no difference as to the date of deposit for TDS on salaries or other payments. There is difference only as to the time of deduction. TDS on salaries is to be deducted at the time of payment where on other payments it is generally at the time of credit or payment whichever is earlier
Hope this clarifies everything.
Read para 13 of circular No.2/2009 which is as follows:
Hi Mannurkar
Deposit of tax deducted on salary is within one week from the last day of month in which deduction is made. If you have Direct Taxes Ready Recokoner of AY 2009-10 of Dr. VK Singhani, please see Page # A - 315 para # 174.
Else you may also attached link
https://finmin.nic.in/the_ministry/dept_revenue/cbdt/tds2008.pdf
see page # 9 para 4.4 of the above link file
This is not some thing new which you were referring above, it was there in previous years also.
Thx,
Tds on salary provided for the month of march , when we have deposited this deduction made ?
Hi Deepak Tapase and Lalit
I am quoting herewith the provision contained in circular 9/2008
Deposit of Tax Deducted:
4.4. According to the provisions of section 200, any person
deducting any sum in accordance with the provisions of Section
192 or paying tax on non-monetary perquisites on behalf of the
employee under Section 192(1A), shall pay the sum so deducted or
tax so calculated on the said non-monetary perquisites, as the
case may be, to the credit of the Central Government in
prescribed manner (vide Rule 30 of the Income-tax Rules,1962).
In the case of deductions made by, or, on behalf of the
Government, the payment has to be made on the day of the taxdeduction
itself. In other cases, the payment has to be made
within one week from the last day of month in which deduction is made
please mail me the tds challans and the package for filing of quarterly returns
CAclubindia
