TDS
This query is : Resolved
25 July 2011
Suppose a firm has a party who is providing labor services raises the bills in the following manner:
24/04/2010: 25000/-
26/10/2010: 20000/-
15/03/2010: 45000/-
Now the assessee as per 194C is liable to deduct TDS if a single bill raises Rs 30000/- or in aggregate during the year exceeds 75000/- now the bill crosses Rs 75000/- in qtr 4 and he need to make te deduction of TDS on all the bills. The 1st 2 bills have been already paid in Jan. So how shall the assessee deduct TDS and whether he would have to bear interest for late deduction and late payment of TDS.
24/04/2010: 25000/-
26/10/2010: 20000/-
15/03/2010: 45000/-
Now the assessee as per 194C is liable to deduct TDS if a single bill raises Rs 30000/- or in aggregate during the year exceeds 75000/- now the bill crosses Rs 75000/- in qtr 4 and he need to make te deduction of TDS on all the bills. The 1st 2 bills have been already paid in Jan. So how shall the assessee deduct TDS and whether he would have to bear interest for late deduction and late payment of TDS.
26 July 2011
In my view, it is not the fault of the assessee that in the earlier 2 transactions
he did not deduct tax.
Point of time of arising the liability is more relevant in this case. I think that the liability arises on 15.03.2010 in respect of the earlier credits.
As such there will be no delay in TDS, if paid on right time covering all the payments.
he did not deduct tax.
Point of time of arising the liability is more relevant in this case. I think that the liability arises on 15.03.2010 in respect of the earlier credits.
As such there will be no delay in TDS, if paid on right time covering all the payments.
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