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Tds deductable
A society receive a bill as on 29.12.15 for contract services but society make payment as on 10.1.16.Then in such case when tds amt to be deducted either on 29.12.15 or on 10.1.16 and in which quarter this bill come for tds return.Kindly guide me in this matter.
Replies (3)
TDS needs to be deducted at the time of payment or due entry made whichever is earlier
If you make entry on 29.12.2015 then it will come under quarter - 3 only.
TDS is always deductible on due or payment basis, whichever is earlier (except in case of salary where TDS is deductible on payment basis). So, in this case bill is received is earlier (29/12/15) before payment (10/01/16) and hence it is deductible agst bill and to be sure that the same has been deposited on or before 07/01/16.
It will be shown in quarter 3rd return.
you do the credit entry in January and th eprobelm will be solved
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