i have a client who received service on 20.1.2013 but received the bill on 13.02.2013. the TDS is deducted on the service provided(on the particular bill) .so what is the due date for this particular bill for deposit of TDS? is it by 7th february 2013 or by the 7th march??
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Tax deducted at source
Replies (3)
TDS is to be deducted on Credit OR payment whichever is earlier
TDS is to be deducted on date of payment or Credit made in the books. Here in your case, Invoice was Issued in the month of feb so that u have to deduct TDS in the same month itself but the payment of the TDS amount should be made within 7th day of the succeding month i.e 7th march Otherwise it attracts Interest
TDS is to be deducted on Payment / Credit which ever is earlier , irrespective of when the Service was given . In your case bill received in Feb, so deduct TDS and deposit by 7th March
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