Dear members,
As we all know TDS made in a particular month is to be deposited into the bank a/c on or before the 7th of the following month. Suppose 7th happens to be a bank holiday, doe the payer have an option to pay on the next working day of the bank? In my opinion the payer has no option but to make suitable arrangements for payment of Tds on or before 7th of the following month irrespective of the holidays of the bank. There are arguments in some quarters that under the general clauses act there is a beneficial provision, but i am afraid that provision is meant only for filing papers in the courts but not even for meeting court dues. However as far as payment of advance tax is concerned, there is a beneficial circular issued by the cbdt but for tds there is no such circular. Even one day delay can invite interest u/s 201(1A) for one month!