tds deposit

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If salary for the month of feb is issued on 15th march and tds deucted on that date then, wht is the time for deposit of tds. Since, 7th march has already passed by. Do I have to deposit tds before salary chq is issued. If I dont't deposit till 15th march will I have to pay Interest on delay deposit. Kindly clarify.
Replies (6)

Sweta

The provision of Section 192 says " tax should be deposited with in one week from the last day of the month in which tax is deducted."

As you told salary is paid as on 15march  th & TDS also deducted on the same date. So due date for deposit the same is 7th April 2009.

Regards

Sorabh Gupta

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Originally posted by :Sweta Jalan
" If salary for the month of feb is issued on 15th march and tds deucted on that date then, wht is the time for deposit of tds. Since, 7th march has already passed by. Do I have to deposit tds before salary chq is issued. If I dont't deposit till 15th march will I have to pay Interest on delay deposit. Kindly clarify. "

 

Sweta you should deposit this amount on before the 7th April

Originally posted by :Sweta Jalan
" If salary for the month of feb is issued on 15th march and tds deucted on that date then, wht is the time for deposit of tds. Since, 7th march has already passed by. Do I have to deposit tds before salary chq is issued. If I dont't deposit till 15th march will I have to pay Interest on delay deposit. Kindly clarify. "


 

Fiirst  you should know that on salary Tax is deducted at the time of payment and not on accrual basis.(As per sec 192)

Therefore In your case  due date for deposit Tds is 7th april

 

@ Sweta

Due date for deposit of tds will be 7th April as section 192 talks about date of payment (unlike other sections where earlier of the payment or provision attracts tds liability).


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