Tds interest applicability
Querist : Anonymous
Is interest applicable on following TDS payment.
Payment to contractor from 01/04/2012 to 31/07/2012 Rs. 60000/-. Payment made on 10/08/2012 Rs. 20000/-, as my total payments exceeds Rs. 75000/- I have to deduct TDS on full amount of Rs. 80000/-.
Now I want to know whether I have to pay any interest. As it is deducted late.
I have not deducted TDS on earlier payment of Rs. 60000/-, which I am going to deduct now.
But my liability to deduct TDS arises only after payment exceeds Rs. 75000/- there were no single bill of Rs. 30000/-.
Querist : Anonymous
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