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Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2014 Dear Sirs
One of our vender doing JCB works in our Company on contract basis crossed the limit of 75000/year, But we failed to deduct tds on payments made during this year now their bill crossed 100000/-individually which not exceeding single bill-30000/-
Can you advise in this regards?

Guest

Guest (Expert)

02 July 2014 deduct tds now and paid along with intres from the day u r liable to deduct tds

interest on late deduction and late depositionn both need to be pay

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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02 July 2014 you can deduct the TDS now on all the bills and adjust the balance accordingly

i.e. for example if

Dealer's bill till date Rs.100.00
less TDS Rs. 1.00
balance to be Rs. 99.00

and suppose you have paid him Rs.90 till date then if have not deducted TDS then you have to pay Rs.9 More so as to adjust TDS & Balance of dealer

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