Tds deduction
This query is : Resolved
28 December 2013
We have booking Brokerage Ch. on Daily Basis But deducting TDS on monthly basis and paid that on time, is there any liability for interest for late deduction of TDS.
as per Act it should be deducted payment or credit which ever earlier.
as per Act it should be deducted payment or credit which ever earlier.
CA.ViVeK M ACA
(Expert)
28 December 2013
Dear Ved
Whatever Tax you have deducted during a whole month ( Credit basis) is required to be paid on or before 7th of subsequent month. Then, there is no question of late deduction of TDS.
Whatever Tax you have deducted during a whole month ( Credit basis) is required to be paid on or before 7th of subsequent month. Then, there is no question of late deduction of TDS.
Bimal Thacker
(Expert)
28 December 2013
Tax is to be deducted on the date of payment or credit whichever is earlir, in your case there is late deduction and interest is applicable (as per FAQ in TRACE site)
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