INTEREST ON TDS
This query is : Resolved
DHEERAJ KANDPAL
(Querist)
30 November 2019
SIR
ONE BILL I HAVE RECEIVED FROM CONTRACTOR ON 16/10/2019 BAISIC AMOUNTING 160000 AND WE HAVE MADE PAYMENT ON ON 16/11/2019 AMOUNTING 156800 AFTER DEDUCTING 2% ( Rs.3200) and we have still not deposited it and going to deposit on 7/12/2019 so, kindly tell me, what would be interest on tds wheather it would charged from 16/10/2019( on receiving date of bill ) or 16/11/2019 ( when we made payment to contractor ) ?
ONE BILL I HAVE RECEIVED FROM CONTRACTOR ON 16/10/2019 BAISIC AMOUNTING 160000 AND WE HAVE MADE PAYMENT ON ON 16/11/2019 AMOUNTING 156800 AFTER DEDUCTING 2% ( Rs.3200) and we have still not deposited it and going to deposit on 7/12/2019 so, kindly tell me, what would be interest on tds wheather it would charged from 16/10/2019( on receiving date of bill ) or 16/11/2019 ( when we made payment to contractor ) ?
CA R SEETHARAMAN
(Expert)
01 December 2019
No need to pay any interest as the due date is next month on or before 7th.
CA PARTH SHAH
(Expert)
02 December 2019
Due date of Paying TDS is payment or credit whichever is early. Your Invoice date 16/10/2019. Hence due date of depositing the TDS was 7/11/2019 although you paid to the contractor on 16/11/2019. Hence You need to pay interest @ 1.5% pm or part of Month for 3 months i.e. October, November & December 2019.
CA R SEETHARAMAN
(Expert)
02 December 2019
No need to pay interest if no liability created in the books of accounts.
Message likes :
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Gokul Sharma
(Expert)
02 December 2019
TDS SHOULD BE DEDUCTED ON BOOKING OF THE BILL OR PAYMENT WHICH EVER IS EARLY.
IN THE ABOVE CASE TDS SHOULD BE DEDUCTED ON 16/10/19 AND SHOULD BE DEPOSITED TO GOVT ON BEFORE 07/11/19
3 MONTHS INT @ 1.5% P.M SHOULD BE ADDED ON MAKING PAYMENT ON DECEMBER 7
IN THE ABOVE CASE TDS SHOULD BE DEDUCTED ON 16/10/19 AND SHOULD BE DEPOSITED TO GOVT ON BEFORE 07/11/19
3 MONTHS INT @ 1.5% P.M SHOULD BE ADDED ON MAKING PAYMENT ON DECEMBER 7
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