tds
This query is : Resolved
27 January 2009
as per the act tds is required to be deducted when certain condition is fullfiled i,e when the payment is made in excess of Rs. 20000 or credit of Rs.50000 but unless it cross we can't deduct the tds but suppose in a case in first quarter it doesn't cross but in second quarter tds is applicable so we have to deduct the tds on whole amount eventhough the transaction pertains to first quarter so when we file the return for the second quarter whether we are under default for non filing of the return for first quarter ? when we deposit tds for the transaction pertain to first quarter whether we are liable for the interst for late depositing the interest?
jitendra kumar sahu
(Expert)
28 January 2009
no u are not default in non filing of return. u can show it in the second quarter return filing and no interest is also required to be paid.
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