Relating to tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2015
Hi Friend
I want to know that if a contractor has not crossed the 75000 up to Oct and after that he crossed Rs 75000 then i am liable to deduct TDS on whole amount. But my question is that under the sec 201 in regarding to interest on TDS that 1% interest is liable to pay from the date on which TDS is liable to deduct from the date on which tds has deducted then the amount of tds deducted after oct will be liable to get deposit with interest because tds was not deducted on the booking date and deducted now. Kindly clarify me. Is there any case law or circular ??? If yes then recommend the same. Hope so you all get understand what i am trying to ask.
I want to know that if a contractor has not crossed the 75000 up to Oct and after that he crossed Rs 75000 then i am liable to deduct TDS on whole amount. But my question is that under the sec 201 in regarding to interest on TDS that 1% interest is liable to pay from the date on which TDS is liable to deduct from the date on which tds has deducted then the amount of tds deducted after oct will be liable to get deposit with interest because tds was not deducted on the booking date and deducted now. Kindly clarify me. Is there any case law or circular ??? If yes then recommend the same. Hope so you all get understand what i am trying to ask.
18 February 2015
1. you need to deduct and payd tds on whole amount once it exceeds this limits and int shall be chargeable as per follows :
https://www.caclubindia.com/articles/details.asp?mod_id=6580#.VOQi0eaUdic
https://www.caclubindia.com/articles/details.asp?mod_id=6580#.VOQi0eaUdic
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