If my pymt. crdit dt. is 30/04/07 and i make actual pymt. on dt. 20/2/08 then tell me dt. of deduction as Q td

Question

I am an accountant, and i want preapre quarterly tds return for f.y. 07-08. there is column of dt. of pymt/credit and other is dt. of deduction, i wanted to know if my my pymt. crdit dt. is 30/04/07 and i make actual pymt. on dt. 20/2/08 then which dt. is called dt. of deduction? is this 30/4/07 or 20/2/08. plz guide me.

Answer 1

first of their is no yearly return now as you have mentioned return for 07-08 ,the specific quarter should have been specified

second,You have not given date of deposit of tax,and section of deduction .but from given facts

date of payment and date of deduction should be same because as per Income tax act the tax should be deducted at the time of payment or credit in account which ever is earlier ,

you have also passed tds account credited while giving credit to the party on 30/04/07,so date of payment/credit should be 30/04/07 and date of deduction should also be 30/04/07 .

But if you have tax deposited on late date than you should delete old entry from book and pass fresh entry for only payment to avoid disallowance under section 40 a(ia)

more you can know by etds return from the link given below

http://simpletaxindia.blogspot.com/2007/...