Friends, Due date to deposit the tax deducted on amount/Income paid in March 2011 and Tax deducted on provisions created in March 2011 is 30.04.2011. This is as per notification 41/2010 dated 31.05.2010. (download complete notification from link given at the end)
Old rule :
Many people have a doubts regarding the due date for tds payment in March month. In old rules due date for tax deducted in month of march was 7 April and date to deposit tds deducted on provision on last day of financial year was 31.05 of next financial year.
But the these rule has been amended and as per latest rule for tds deducted in march 2011 ,due date to deposit tax is 30.04.2011. (read text in red in rule 30 Given below)
So enjoy for next three weeks and deposit tax on or before 30.04.2011.
New rule is reproduced here under.
“Time and mode of payment to Government account of tax deducted at source or tax paid under sub¬ section (1A) of section 192.
Rule :30.
(1) All sums deducted in accordance with the provisions of Chapter XVII B by an office of the Government shall be paid to the credit of the Central Government
(a) on the same day where the tax is paid without production of an income‐tax challan; and
• (b) on or before seven days from the end of the month in which the deduction is made or income tax is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax challan.
(2) All sums deducted in accordance with the provisions of Chapter XVII‐B by deductors other than an office of the Government shall be paid to the credit of the Central Government
• (a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and
• (b) in any other case, on or before seven days from the end of the month in which‐
o (i) the deduction is made; or
o (ii) income‐tax is due under sub‐section (1A) of section 192.
(3) Notwithstanding anything contained in sub‐rule (2), in special cases, the Assessing Officer may, with the prior approval of the Joint Commissioner, permit quarterly payment of the tax deducted under section 192 or section 194A or section 194D or section 194H for the quarters of the financial year specified to in column (2) of the Table below by the date referred to in column (3) of the said Table.
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