TDS on March Salary

TDS 1794 views 6 replies

Salary of march month,

paid on 7-april,

when will deduct TDS & When will we Deposit tax......

is there any interest charge, if we deposit on upto 7-may....

Replies (6)

TDS on salary deduct on payment basis. It mean  whenever you paid salary  tds will be deducted  and deposit within within one week from the last day of month in which tds is deducted. 

 

In your case salary paid on 07 april. TDS will be deposited on or befor 07 day of may.

TDS DEDUCTED FROM SALARY MUST BE DEPOSITED WITH IN 7 DAYS OF DEDUCTION, IN ANY CASE

APART FROM MY EARLIER ANSWER ,FOLLOWING POINT MUST TAKEN  IN YOUR VIEW.

 

In case if Salary is credited on 31 March, the due date for payment of TDS is 31 May.


BUT as per Rule 30 of Income Tax Rules, Salary is exception to above rule. So it has to be paid within 7th of end of the month in which Salary is credited.


If Salary is credited by your orgnisation on date 31 march , then TDS will be deposited  on or befor 07 day of april.

TDS deducted for the month of March should be dedposited till 31st May so last date for depositing TDs deducted on salary in your case is 31st May, not 7th april

I am totally agree with Mr Aurang Zeb Khan

Hi,

Two more questions with the same regard.

 

What if someone's tds is not deducted on or before 31 st march?

can company deduct it in the month of april?


CCI Pro

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