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Interest paid on tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 October 2013 suppose we made payment of 25000 rs to contractor in may 2013 and in october 2013 we paid 52000 rs. whether we paid interest on 25000 rs or just pay tds on aggegate amt of 77000 rs..
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
31 October 2013 Well theoretically you should deduct on 77000. With regards to interest liability I dont think interest liability should arise.



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CA Pallav Singhania

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CA Pallav Singhania (Expert)
31 October 2013 In accordance with the provisions, TDS to be deduct on 77000 would be a better option....
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Ganeshbabu K

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Ganeshbabu K (Expert)
31 October 2013 Ofcourse tds on 25000 required to be discharged with interest...as tds is applicable on advance payments..
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Tds on interest can be caluculated from date of payment to date of depsit
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Manish Thakkar

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Manish Thakkar (Expert)
01 November 2013 Tds need to be paid as its crossed threshold prescribed in law and TDS and interest need to paid on full amount.
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