tds less deducted

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anita (Querist)

14 July 2010 We have deducted less TDS from the payment of the party,TDS deposited and in the next payment we have deducted earlier less tds and deposited. But we have not deposited any interest. whether interest is payable ( if amount is less than 20000/- in case of 194c) Now how to show tds deduction in quareterly return or in Form 16 A.
TDS is for the same quarter.
for eg. 16.4.2010 TDS 100 @2%(less 1%) on 10000.00 and on 16.6.2010 deducted TDS Rs. 100(of earlier ) +(200 for next bill of Rs.10000/-)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

14 July 2010 TDS IS NOT REQUIRED TO BE DEDUCTED SINCE SINGLE BILL IS BELOW RS.20000/- TDS TO BE DEDUCTED ONLY IF ANNUAL PAYMENT EXCEEDS THRESHOLD LIMIT OF RS. 50000/- (RS. 75000/- WEF 01.07.2010, AND SINGLE BILL RS. 30000/-).

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

14 July 2010 What ever the short deduction during the first time deduction, you calculate the difference and interest 1% per month or part of the month up to june 10 and after 1.50 need to calculate from the first deductible date to payment date

In return just challan sheet only enter the interest and form 16a no need to show the interest, but split the correct amount as per rate and show

As per Mr.Sanajy if the thershold limit is not crossing the first deduction no interest is payable

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