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Query about TDS deduction

Raj Kumar (Accounts Officer) (72 Points)

05 August 2010

Hai

Can any one pls tell me

whether we will deduct the TDS at the making payment to the party a/c or at the time of crediting the amount to the party a/c

Thanks in advance

Raj Kumar

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5 Replies

CA. BIJENDER KR. BANSAL (ACA, B.COM) (8148 Points)
Replied 05 August 2010

TDS WILL BE DEDUCTED PAYMENT MADE OR CREDIT OF AMOUNT WHICEVER IS EARLIER.

IE. IF YOU HAVE MADE ADVANCE TO PARTY, THEN TDS WILL BE DEDUCTED AT THE PAYING OF ADVANCE I.E ADVANCE WILL BE PAID NET OF TDS.

IF YOU HAVE CREDITING THE INVOICE FIRST, THEN PAYMENT WILL BE MADE AFTER DEDUCTION OF TDS

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Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 05 August 2010

TDS is deducted at the time of payment or credit whichever is earlier.

1 Like

JAYESHKUMAR J BHATT (Owner) (35 Points)
Replied 26 August 2010

Hi,

My Bank has deducted TDS on Interest on FDR by mistake on 31/03/2010 even if I have submitted form No.15G in April 2009 for the year 2009-2010 and A.Y 2010-11. I came to know this 0nly after last date of Return lapsed and also I am not liable to file any Return due to the fact that my income falls below Income Tax level. I approached to bank and they apologies for the same but they have already deposited this TDS to the government account and now they are ready to issue TDS Certificate for the same. Can anybody advice how can i take refund of this tax from the Income Tax department ?

Jayesh Bhatt

CA. BIJENDER KR. BANSAL (ACA, B.COM) (8148 Points)
Replied 26 August 2010

tds deducted by bank on 31/03/2010 i.e in FY 2009-10 AY 2010-11.

Due date of Return is 31st JUly 2010.

Belated Return can be filed till 31st March 2011 without any penalty.

Belated Return also can be filed till 31st March 2012 with a penatly of Rs.5000/-

YOu have a time to file return till 31march 2011 without any penalty,

Just go to bank and collect tds certificate and filed return and claim refund.

JAYESHKUMAR J BHATT (Owner) (35 Points)
Replied 26 August 2010

Dear Mr. Bansal,

Thanks for your suggestion and quick reply. Now one more question. Can I file online belated return ? And How can I attach TDS Certificate given by Bank with the Return ? OR I have to send print out of Return alongwith TDS Certi to the relevant AO ?

Regards,

Jayesh Bhatt