bill date is 15/05/2021
gst claimed and book entered 15/05/2021 date
bill amount paid on 15/07/2021 tds deducted on 15/07/2021 tds paid on 4th August 2021
this is right ??
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Tsd amount deducted and paid
Replies (9)
What is the section ?. you have deducted .
194c section
In my opinion,Time of deduction- earlier of credit or payment .
I think last date of payment of TDS is normally 7th and you paid on 4th I think it's write . please confirm with others also.
Since you have booked the transaction on 15th May, TDS should have been deducted and paid on or before 7th June 2021 else interest would be applicable.
But as per the section 194C , Time of deduction is credit to account or payment in cash or cheque.
It is the date of credit or the date of payment, WHICHEVER IS EARLIER
TDS should have been deducted on 15.05.2021 and paid to the government by 07.06.2021.
Bill date is not so important, TDS should deductible on date of debit to the expenditure or payment to the vendor which ever is earlier, and TDS should deposit within 7 days after the last day of previous month
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