02-19-2010, 05:22 PM
The timing of payment of Income Tax deducted of other parties is prescribed in Income Tax Rules(which are part of Income Tax ordinance) not in main Income Tax Ordinance, 2001.
U/s 43 of division III of Income Tax Rules, 2002 (updated to date)the timing of payment of tax withheld is as follows-
"with in Seven days from the end of each week ending on every sunday"
This means that if you withheld the tax on Saturday (i.e. made the payment to the party on Saturday) then you have 7 days untill next satuday to deposit the tax.
If you made the payment to the party on any monday then you have 12 days in total to deposit the amount, 6 days untill next sunday then further 6 days to next Saturday."
Its like making a refrence point, and the reference point is sunday after the day when you made the payment. Once that sunday came (end off the week) then you have further 6 days uptill next saturday to deposit the tax.
Hope the above clears the rule.
regards.
U/s 43 of division III of Income Tax Rules, 2002 (updated to date)the timing of payment of tax withheld is as follows-
"with in Seven days from the end of each week ending on every sunday"
This means that if you withheld the tax on Saturday (i.e. made the payment to the party on Saturday) then you have 7 days untill next satuday to deposit the tax.
If you made the payment to the party on any monday then you have 12 days in total to deposit the amount, 6 days untill next sunday then further 6 days to next Saturday."
Its like making a refrence point, and the reference point is sunday after the day when you made the payment. Once that sunday came (end off the week) then you have further 6 days uptill next saturday to deposit the tax.
Hope the above clears the rule.
regards.
