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is it necessary to make payment to party in the same
assessment year after deducting tds
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Answer Posted / h.r. sreepada bhagi
When tax is deducted at source while crediting the a/c of a
party or making the payment to them 9whichever is earlier)
as per the Income tax Act, the same should be remitted to
the Govt. A/c on or before the due date (i.e. 7th of the
following month at present for TDS other than salaries). In
case the same is not remitted, interest is applicable as
prescribed in the Act.
Making or not making the payment has no bearing on Income
Tax liability. Till the payment is made tot eh party, it
will appear as Current Liability in the books of accounts.
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