Interest on tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2014 Experts,

Case:

On 01.07.2014 bill of professional fees received Rs.10,000, and payment is made without deducting tax (as it was not expected to cross the thresh hold limit of 30,000 during the year)

But later on 01.09.2014 bill of professional fees received of Rs.25,000, here thresh hold limit is crossed (i.e. 35,000) accordingly there will be liability @10% Rs.3500.

Now my question is should TDS of Rs. 1000 on earlier payment of Rs.10,000 be deposited with govt. with interest or without interest ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 September 2014 it should be paid along with interest

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 September 2014 No. Interest not payable. Liability to deduct TDS arose when threshold limit was crossed in September. So if TDS deducted in September and paid on or before 7th October 2014 then there is no need to pay any interest.

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