13 July 2011
Hi, we had a contract with our customer to pay the amount before X date else we will charge the Interest @ 20%. if we will assume that the interest on late payment by customer is 2,00,000/-. Is tds appplicable U/S 194A for the same? in this situation there is no service rendered by us??? Is service tax also applicable for the same? Kindly reply with detail. Thanks Naveen Ahlawat
CAclubindia
