14 July 2020
Sir A person has two entity i.e One is Pvt Ltd Co., and Other one is Proprietorship. He roles director in Pvt Ltd Co., and the Proprietor in the Other One. Both entity has the same nature of business i.e transport service.
He has own trucks (More than 10 Nos) and uses all of them into the both of his business. At the end of month, both of units issues sale bills for providing transport services each other by its name on the basis of sub-contract. Both units deducts the tds @ 2% and remits the payment.
Is it Correct sir? --------- In case if tds gets delayed to be paid, we should calculate the interest from which date i.e whether from the date of due or from the date of deduction?