Tds query
This query is : Resolved
CA Raj Doshi
(Querist)
04 December 2014
In Quarter 1 , Payment to contractor amounts rs. 25000 gross. hence no TDS. coz there was no certainty of more work to the same contractor. now in Quarter 4 , Rs. 1 lac of contract amount has accrued. so how much TDS to be deducted , when to deduct , interest to be paid ?? Is it OK if TDS on payment of Rs. 25000 not deducted.
04 December 2014
When Rs 1 lac bill paid or credited then you need to deduct TDS on Rs 100000+ Rs 25000.
Deposit TDS within 7th of Next month. No need to pay any interest.
Deposit TDS within 7th of Next month. No need to pay any interest.
SANYAM ARORA
(Expert)
05 December 2014
Yes you need to deduct on Rs 25000
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