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Tds on contract

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26 July 2013 This is a proprietorship firm. in f.y. 2011-2012 it was under tax audit. In f. y. 2012-13 it was not under tax audit. In current year 2013-14 we had paid a cheque in may 2013 to contractor for rs. 8 lac. Should we deduct tds and what is procedure, interest & panelty to deposit the same?
Thanks & regards
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
26 July 2013 not liable to deduct tax as in fy 12-13 was not liable to tax audit.
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