Tds deduction
This query is : Resolved
14 March 2012
we have made advnce paymen to party on 14/02/2012 without deducting TDS & on 20/02/2012 we booked invoice of the party & at that time we have deducted TDS. We made TDS payment on 7th March 2012. in that case is interest is appliable for delayed in TDS deduction whichever is earlier. or in case we have made payment after 7th March 2012. pls guide.
14 March 2012
Dear Friend, The TDS will be deducted from the date of payment or the date of booking of Invoices whiever is earlier. You have made advance payment earlier i.e. on 14/2/2012 then TDS should be deducted from this payment also. You have to pay interest on it. Thanks
Mihir Doshi
(Expert)
14 March 2012
In my opinion, No need to pay interest amount, if tds is deducted and paid by due date i.e. 7th March 2012.
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