INTEREST ON TDS

This query is : Resolved

DHEERAJ KANDPAL (Querist)
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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 ) ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 December 2019 No need to pay any interest as the due date is next month on or before 7th.

CA PARTH SHAH

CA PARTH SHAH (Expert)
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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

CA R SEETHARAMAN (Expert)
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02 December 2019 No need to pay interest if no liability created in the books of accounts.

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Gokul Sharma

Gokul Sharma (Expert)
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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

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