Tds on contractor

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2014 my co. have paid in a account name shade construction for some money above the taxable limit i.e in 194c but i have not receive any contractor bill then what is my liability to deduct tds on that amount?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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30 March 2014 you need deduct TDS on the amount paid..whether invoice is received or not is immaterial

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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30 March 2014 TDS to be deducted on the date of payment or credit whichever is earlier. Even on advance payment TDS provisions are attracted. So you are required to deduct and deposit TDS within 7th of next month (30th April for the the TDS of month of march) failing which interest will be required to be paid @ 1% for late deduction and interest @ 1.5% for late deposit.

Querist : Anonymous

Querist : Anonymous (Querist)

05 April 2014 thanks for ur guidance

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