04 December 2021
Sir/Madam Please provide guidance A partnership firm pays an individual professional fee of Rs 15000 in the month of May 2021. No TDS was deducted as it was below threshold limit. Now same individual has to be paid professional fees of Rs. 30000 this month. How to deduct and deposit TDS in this case. Will I have to deposit TDS on previous bill of May 21 along with interest.TDS Quarterly return of Q1 2021-22 is already filed. So is correction of Q1 TDS return has to be also done? Please guide on right way of dealing this situation Thanks in advance
04 December 2021
Deduct TDS on Rs. 45000/- in this month, and deposit the same in Q3 quarter. Revision of Q1 TDS return is not necessary. No need to charge interest.
CAclubindia
