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Querist : Anonymous

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Querist : Anonymous (Querist)
16 April 2013 I Have made payment of Rs50000 as a contract payment on 1.4.2012 then paid RS80000 to same person on 10.11.2012 and limit of Rs.70000 increased .Now i have to make tds and pay into department. My querry is that whether i have to pay interest on late payment of tds on Rs 50000.?
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S Sivasalapathy

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S Sivasalapathy (Expert)
16 April 2013 No need to pay interest.
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Ravi Jhamb

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Ravi Jhamb (Expert)
16 April 2013 tds on contractor limit is 30000 as on 01-04-2012. you paid 50000 to contractor. you should deduct tds. now you have to pay interest april to march onwards
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S Sivasalapathy

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S Sivasalapathy (Expert)
17 April 2013 yes. rs500000 is single bill, interest has to pay.
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