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It means we have to pay all amount of TDS of 6 months in
next month.... m i correct?
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Answer Posted / h.r. sreepada bhagi
As per the Income tax Act,1961, Tax should be deducted at
the time of payment or credit to the account of the payee
whichever is earlier. Hence, if you have paid rent in
advance, you need to deduct the tax on it and remit to the
government before the due date falling in the following
month. If you have paid the advance in May,10, TDS should be
remitted in June on or before the due date for the 6 months.
In case you resort to remit TDS every month for the next
6monhts, as per the law you should pay interest on delayed
remittance of TDS to the govt. a/c.
For more info & confirmation, read the Chapter on Deduction/
Collection of Tax at Source in the 'Income Tax Act' or
'Income Tax Ready Reckoner' latest edition or consult a
Chartered Accountant or a Tax Consultant/Expert.
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