Tds deductable
Sunil Verma (Asstt. Accounts Manager) (32 Points)
03 May 2016Sunil Verma (Asstt. Accounts Manager) (32 Points)
03 May 2016
mohammad rasool baig
(Management Consultant)
(1026 Points)
Replied 04 May 2016
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.
Vikas Gupta
(Tax Executive)
(530 Points)
Replied 04 May 2016
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.
s.srinivasan
(C A)
(36 Points)
Replied 04 May 2016
you do the credit entry in January and th eprobelm will be solved
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