TDS on contractors - exceeding 75000

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2011 dear friends,

Paymet to contractor exceeded Rs.75000 only in march 2011 (viz 13000, 18000, 16500, 18790,11090 spread over 4 quarters of fy 2010-11. I deducted TDS on entire amount ( on 77,000) from the last payment.

My queries

1. Do I need to calculate interest for not deducting ( i.e. late deduction ) the tds from the first four above mentioned amounts ?

2. Do I need to revise the quarterly e-tds returns ( as deducted tds in the last quarter but amounts pertains to earlier quarters)

Its urgent

Thank you in advance

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
Follow

11 June 2011 This is not a late deduction. Tax is to be deducted only so no interest is to be paid.

The quarterly tds returns need not be revised. Pl follow instructions given in following link:

http://www.tin-nsdl.com/TDS-Guidelines.asp

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