Interest on tds
This query is : Resolved
Ravi Kumar Rajgaria
(Querist)
19 September 2011
We have paid 18000/- to Mr. X u/s 194J without deducting TDS in June,2011 (FY 2011-12).TDS is not deducted as amount was less then 20000/-. Now in August,2011 again we took a service from Mr. X and paid 15000/- after deducting TDS on ful amount of 33000/- [18000 earlier + 15000/- now.
Should we have to pay interest on TDS deducted on 18000/-?
Should we have to pay interest on TDS deducted on 18000/-?
19 September 2011
No, As per provisions of Ch.XVIIB you are not in default & do not require to pay interest, if you have deposited the TDS before 07/09/2011. As liability to deduct the TDS arose in the month of August 2011.
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