tds

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SALMAN (Querist)
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10 February 2017 hello sir, my query is about tds. I want to know that in proprietorship firm sale turn over over 5 crore. and we give commission on sale. than we should passed entry yearly or quarterly and TDs deduct yearly or quarterly.if we have paid some Chq of commission within year than when we will paid Chq at the time we have to deduct TDs or not? plz help me out thanx

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 February 2017 You can pass entry quarterly/yearly for commission payment. TDS has to be deducted on payment or passing the entry whichever is earlier.

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SALMAN

SALMAN (Querist)
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10 February 2017 dear sir, we have paid Chq sum of rs. 700000 within year f.y 2016-17

SALMAN

SALMAN (Querist)
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10 February 2017 but didn't deduct tds. in this situation wht we should do.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 February 2017 Remit the TDS with interest at the rate of 1% per month from the month of payment till the month of remittance. Adjust this remittance in the next payment.

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