tds

TDS / TCS 617 views 3 replies

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What is the last date of paying the deducted tds in the month of march

if not paid in time then what is the interest charble

Replies (3)

Juzer Sadikot

CA - innovative solutions for Imports an

1309 Points Posted on 08 September 2009

The below is extract of my previous post. Please let me know if you want any thing more.

FYI

For A.Y. 2009-10

Situation	Particular	Date till which if paid will be allowable in for A.Y. 2009-10
Situation 1	Tax was deductible in the month of February 2009	7^th of March 2009 without Interest, 31^st of March 2009 with penal Interest
Situation 2	Tax was deductible in the last month (March 2009)	7^th of April 2009 if it is regular entry, 30^th May 2009 if it is occurs once to settle year's transaction 30^th September 2009 with penal Interest (for auditable assesses)

Intrest @ 1% per month of Tax amount shall be payable.

Thanks

Raj Singh

Accountant

47 Points Posted on 09 September 2009

Well according to me the last date for Crediting the TDS deducted into Govt. account depends on the two basic situations.

Situation 1 :- If the TDS is deducted or credited on 31 Day of March in the books then it should be deposited till 31st may of the same Financial year otherwise the expenses on which u have deducted TDS will be disallowed.

Situation II : If TDS is credited at any of the day but before 31st day of march then last date is 07 of next month i.e 7 April and if deposited late will attaract an interest of 1% P.M