Tds interest applicability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2012 Experts please give advise on following:-

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/-.

Amol S Joglekar

Amol S Joglekar (Expert)
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19 September 2012 Liability to deduct tax arose on 10/08/2012. Interest is applicable if you have not paid the TDS in Sept 2012

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2012 Thank you sir.

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