Tds on salary u/s 192b

TDS of an employee due for the month of Dec'2012 paid to bank on 05.01.2013 after deduction of TDS amount.

On what date will it be entered into accounts on 31.12.2012 or 05.01.2013 & consequently what is the last date for making the payment of TDS amount.

 

Replies (4)

Due date for payment of TDS will be 7th Feb. and provision for salary payable should be accounted in the last day of the month. Payment entry should be accounted on the date of payment.

as accrual system of accounting is being followed it will be recorded in dec12.  The payment entry would be made in Jan13 as well as TDS would be made at the time of payment.

due entry in dec'12 and payment entry in jan13.

you need to consider two points in this regard.

1.tds on salries has to be deducted at the time of payment  but not when it is due

2. within 7 days from the last day of month in which deduction was made.

so in ur case 7th feb is the date for deposit of TDS

Salary due or Salary payment whichever is early , base on that tds need to be deduct, that  means for month of dec-12 salary , tds 'll be payable before 7th Jan -13. 

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