Deduction of tds on payment made to bis
This query is : Resolved
18 March 2017
Dear Sir,
Kindly tell me that the payment made to BIS regarding testing & Analysis with renewal of licence, the payment is liable to deduct the tax at source?
If yes then in which section & what is the rate of Interest & Penalty?
plz reply me ASAP
Thanks & Regards
Kindly tell me that the payment made to BIS regarding testing & Analysis with renewal of licence, the payment is liable to deduct the tax at source?
If yes then in which section & what is the rate of Interest & Penalty?
plz reply me ASAP
Thanks & Regards
18 March 2017
Yes, TDS is required to be deducted @10& under section 194J.
Interest for late payment or non deduction is to be paid in following manner
- 1 % -> From date liable for deduction till date of actual deduction
- 1.5 %-> From date of deduction to date of payment
Penalty of an amount equal to tax not deducted could be imposed under section 271C (this in not imposed in every case)
I hope this will resolve your query
Interest for late payment or non deduction is to be paid in following manner
- 1 % -> From date liable for deduction till date of actual deduction
- 1.5 %-> From date of deduction to date of payment
Penalty of an amount equal to tax not deducted could be imposed under section 271C (this in not imposed in every case)
I hope this will resolve your query
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