Tds
This query is : Resolved
26 October 2012
Suppose I booked bill for professional charges of 10,000 on 1st June & not deducted TDS.
Then I booked another bill for professional charges of 10,000 on 1st September & not deducted TDS.
Then on 1st January I booked another bill for professional charges of 15,000 and deducted TDS on full 35,000 and deposited TDS in February month.
All the above bills are of the same party.
In this case, am I liable for interest for not deducting TDS on 1st 2 bills or it is proper to deduct TDS from the last bill?
Then I booked another bill for professional charges of 10,000 on 1st September & not deducted TDS.
Then on 1st January I booked another bill for professional charges of 15,000 and deducted TDS on full 35,000 and deposited TDS in February month.
All the above bills are of the same party.
In this case, am I liable for interest for not deducting TDS on 1st 2 bills or it is proper to deduct TDS from the last bill?
Dintakurthi Tirumala
(Expert)
26 October 2012
No you are not liable to interest because of you deducted TDS proper your TDS deduction liability arises you as on the date of 1st January and on total amount paid upto such date so deducted on 1st January and as well as deducted on total amount paid upto such date. So no mistake by you no interest liability.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
CA.Vinita Gupta
(Expert)
26 October 2012
Not liable for Interest, interest liability arises after you cross the threshhold limit and do not deduct tds
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