late deduction of tds

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Arpit C. Sodhani (Querist)
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25 May 2011 suppose an assessee liable to deduct tds does not deducts any tds from say april to january because the payment did not exceed the limits specified in the act, but later on in february he deducts tds on the whole amount from april to february since the limit is crossed.
whether the above late deduction will amount to interest u/s 201(1A)?

Thankyou

CA Shyam Agrawal

CA Shyam Agrawal (Expert)
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25 May 2011 Yes because assesse has to deduct TDS at the time of credit or payment which ever is earlier.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 May 2011 No Interest will not be applicable as TDS to be deducted on crossing the threshold limit. Eligible date of deduction will be the date on which threshold limit is crossed.
Therefore no interest payable.

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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25 May 2011 I agree with Mr Sanjay Gupta.

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