Interest on tds

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prahlad Rana (Querist)
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20 April 2012 Dear Sir,

Please clear my dought ,

if I Have received a bill of professional Fee on 31.3.12 Bill date 30.12.11,
I f I make the provision on 31.03.12,and deduct TDS on that bill , should we have pay interest on that. yet no payment has made.
pls. help me

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 April 2012 No you will not have to pay interest on late deposit of TDS. Book the bill on 31/03/2012 and deduct TDS. Due date of deposit will be 30th April, 2012.

prahlad Rana

prahlad Rana (Querist)
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20 April 2012
Sir what it means

Intt.@ 1% P.M. from the date TDS was deductible to the date Tax is deducted (e.i on late dedution)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 April 2012 No even that will not be required. Bill received by you on 31.03.2012 and you book it on the same day and deduct TDS. No interest need to be paid.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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20 April 2012 Agree with expert. Not required to pay any interest. Book the bill in March and remit by April.

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