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Tds on salaries
Dear Sir,
TDS on salaries has to be deducted on salry receipt basis, or on accrual basis?
For eg. The salary for the month of Feb is due on 28th Feb and the same has been also booked in the books of accounts on the same date. But actual payment of salary is made in the month of May. So what should be the due date for TDS deposit?
Kindly help in the matter
Replies (14)
Due date is 7th june
accural or Receipt whichever is earlier
Tds on salary on payment basis
As per sec 192 of income tax act 1961,TDS on salary is to be deducted on payment basis,not on accrual basis.hence TDS must be deposited in june if the payment is made in MAY.Hope doubt is cleared.
VAT Payable can it be shown in Balance Sheet
YES, VAT payable can be shown in balance sheet under head "OTHER CURRENT LIABILITIES
tds on salary is always on payment... tds liability entry is passed in books along with the salary payment entry and tds is remitted on the subsequent due date.
Thank you
| Originally posted by : CA sachin chaurasiya | ||
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As per sec 192 of income tax act 1961,TDS on salary is to be deducted on payment basis,not on accrual basis.hence TDS must be deposited in june if the payment is made in MAY.Hope doubt is cleared. |  |
Sir,
The Company has posted Salaries in their books after deducting TDS on 31.03.2017. Thus the amounts stands as Salaries Payable. Neither the salalries not TDS has been paid out . The due date of filing of TDS return is May 15, so how to file the same for quarter ended March 31.
remember hijac h for commission I for rent and so on.In dese cases payment or credit whichever is earlier and In case tds on salary is not covered in hijac so on payment basis
TDS on salary to be dedicted on payment basis & deposited till 7th of next month.
This is a new learning after years of career and is embarrassing to know this :-)
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