INTEREST ON TDS
This query is : Resolved
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 ) ?
01 December 2019
No need to pay any interest as the due date is next month on or before 7th.
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.
02 December 2019
No need to pay interest if no liability created in the books of accounts.
Message likes :
1 times
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Reporting of STCG on Property in ITR
- Error while filling exam form November 2026
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
