Late tds deducted

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 April 2015 Dear expert
in FY 2014-15, i have paid RS. 50000 on 17/11/2014 for professional service but mistakenly i have not deducted 10% TDS on that said transaction. but again i have paid rs. 50000 on 10/2/2015, to the same party and i have deducted 10% TDS u/s 194J on full 100000, plz. tell me i have pay any interest or not for not deducting TDS on first transaction..

plz reply...

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
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15 April 2015 Yes. You will have to pay interest u/s 201 @ 1% per month for a part of a month also.
This is on late deduction of TDS.
Te interst will be payable from the date on which the TDS have to be deducted and till the date on which the TDS actually deducted.

Querist : Anonymous

Querist : Anonymous (Querist)

15 April 2015 But sir
once in case of salary i have not deducted TDS on salary since the 1/4/2014. but i have deducted the full tds in February 2015. in this i have pay interest also or not...

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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15 April 2015 dont the employee had any pf or any thing deductible in salary head... so that it wont make his salary taxable...

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
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15 April 2015 Oh. You deducted in Feb 2015?.
Then you have to pay interest on TDS at 1.5% per month and for a part of a month as late payment interest.
I.e, 3 months (Feb, March, April).

Interest on late deduction will be ignored in many cases. You may pay that only.

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