if the amount is credited by the person to the account of payee on 31st march i.e. last day of the year, what is the due date for the payment of tax deducted?
Is it 7th april or 31st may?
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Replies (4)
31st may
IT IS 31ST MAY
On last day of the previous year means, two months from the end of the previous year(31st may) - Only for Credit entries ie., Provision entries and not for payment.
On the last month of the previous year means, asusual ie., 7th of last month
the act allows the assessee to remit tds on 31st may only for provisional entries... (because most of the provisions are measured at a latter date). In respect of payments tax has to be paid to the credit of Central Govt. within one week from the last day of month in which deduction is made
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