If the Contractor Bill for the month JAN 2017 paid in FEB 2017 when is the date of depositing the TDS with Income Tax ? Because Tax is actually deducted in the month of FEB 2017.
8 Replies
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 03 February 2017
when you have booked the bill in feb pay it on or before march 7th
Baljeet Singh
(CA, B.Com (H))
(954 Points)
Replied 03 February 2017
You should follow a uniform approach with your book-keeping and statutory payments. You may follow cash basis for TDS deduction as well as deposit.
Make sure you enter your bills on the date of payment or any later date.
Mihir Joglekar
(Company Employee)
(38 Points)
Replied 03 February 2017
The bill is booked on 01/02/2017. Then when to deposit the tax ?
Sanjay S
(Chartered Accountant)
(1375 Points)
Replied 03 February 2017
Section 194C -
When to deduct Tax at source?
The person responsible for making payment to resident contractor / sub-contractor should deduct TDS:
- either at the time of accounting the bill
- at the time of payment thereof in cash/ cheque/ other modes, whichever is earlier.
Since you have already accounted the bill on 01.02.2017, you are required to deduct and remit tax on above payment u/s 194C or before 07.03.2017 (due date) (provided the amount exceeds the specified limits)
Baljeet Singh
(CA, B.Com (H))
(954 Points)
Replied 04 February 2017
| Originally posted by : Mihir Joglekar | ||
 |
The bill is booked on 01/02/2017. Then when to deposit the tax ? |  |
Deposit the TDS by 7th of March 2017.
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 08 February 2017
WHAT IS THE BILL BOOKING DATE AND PAYMENT ,,,IF BOTH ANY DATE OF FEB , DUE DATE IS 7 MARCH , BUT IF BILL BOOKING DATE IS ANY DATE OF JAN M THAN DUE DATE OF 7 FEB
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