Multiple choice

Banks are required to deposit the amount of TDS (sale of movable asset), in the govt. account

  1. within one month from date of deduction

  2. within 7 days from date of deduction

  3. within 7 days from close of the month, during which deduction is made

  4. within one month from close of the month, during which deduction is made
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The income tax department has extended the time limit for depositing TDS on sale of property. Such TDS can now be deposited within 30 days from the end of the month in which it was deducted. So, if you have deducted TDS on property on 10th August, 2016, you can deposit it by 30th September. 

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