TDS

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This query is : Resolved

brijendra sisodiya (Querist)

14 March 2009 To All,
sir,
I have not deducted TDS on professional Fees of a person assuming total payment during the yr will not exceed the exempt limit (i e Rs 20000/-), but now with current payment it is crossing the limit. My query is shall I calculate & dedudct TDS on prvious payment (which I have not deducted earlier) from current payment including interest (on late payment). ? will interest also be payable ?
thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

14 March 2009 On previous payment also you have to deduct tax. Interest also is payable u/s 201(1A).

CA.SHAHZAD SAYYED

CA.SHAHZAD SAYYED (Expert)

14 March 2009 while giving current payment you have to deduct TDS @10.3% u/s 194J
calculate TDS on Aggrgate payment i-e first payment to current payment
Interest for late payment is also apply

brijendra sisodiya

brijendra sisodiya (Querist)

15 March 2009 Thanks sir,Mr B.Chackrapani & Mr Shahzad Syyed again for your quick reply this will be very helpful for me .

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