Non deduction of tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2015
Dear expert
i have made payment RS. 100000 on 10/1/2015 to the contractor but i have not deducted TDS on that said transaction because i had not tan no. but on 15/2/2015 i have obtain tan no. and payment was made again to the same contractor RS. 100000 on 22/2/2015 therefore i have deducted 1% TDS on full 200000,
but i want to know will i have to pay 1% interest for not deducting TDS on first transaction. but i also have reasonable cause not to have tan no on first transaction....
note.. i am engage in partnership firm...
thanks...
i have made payment RS. 100000 on 10/1/2015 to the contractor but i have not deducted TDS on that said transaction because i had not tan no. but on 15/2/2015 i have obtain tan no. and payment was made again to the same contractor RS. 100000 on 22/2/2015 therefore i have deducted 1% TDS on full 200000,
but i want to know will i have to pay 1% interest for not deducting TDS on first transaction. but i also have reasonable cause not to have tan no on first transaction....
note.. i am engage in partnership firm...
thanks...
CA R SEETHARAMAN
(Expert)
17 April 2015
You are liable to pay interest for not deducting TDS. No excuse for non availability of tan.
17 April 2015
firstly if ur individual and if u were liable to tax audit in previous fy i.e13-14 then only tds u need to deduct else not.
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