Salary for April 2011
booked on 7/5/2011
paid on 10/5/2011
Q1 ) TDS TO BE DEDUCTED ON 10/5/2011 OR 30/4/2011
Q2) TDS TO BE DEPOSITED BEFORE 7/6/2011 OR 7/5/2011
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Tds on salary
Replies (5)
As per section 192 of the I-T TDS on salary is requried to be made at teh time of payment. hence TDS is to be made on 10/5/2011 i.e. at the time of payment.
As per rule 30(2)(b) of the I-T Rules, TDS needs to be deposited on or before 7th June i.e. before 7 days from the end of the month in whihc the TDS is made.
payment date becomes the base for deposit as well as deduction of TDS
Agree with Mr. Giridhar
Actually the main feature of the TDS payment is to pay the tds is
1."7th day of the next month from the last day of the month in which the deduction is made"
2. And the tds due date is calculated in the basis of the "PAID or CREDITED whichever is EARLIER"
Regards
Such income-tax has to be calculated at the average rate of income-tax computed on the
basis of the rates in force for the relevant financial year in which the payment is made, on the
estimated total income of the assessee. Therefore, the liability to deduct tax at source in the
case of salaries arises only at the time of payment.
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