Tds related

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ajay makhecha (Querist)
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04 February 2012 in case of section 194c i.e. tds on contractor, basic exemption limit cross after fourth transaction in particular financial year. if i have not deducted TDS for first 3 invoice payments & deduct TDS together for all four invoice payments in fourth transaction then am i liable to pay the interest on late payment of TDS for first 3 invoice..........

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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04 February 2012 No interest is payable.

TDS has to be deducted only when such liability to deduct tax has arisen.

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ajay makhecha

ajay makhecha (Querist)
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04 February 2012 but what about first 3 payment in which i have not deducted tds...............
& ma question m i liable to pay interest o tds for late payment of tds i.e. deducted in fourth payment.......?????

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B Ravi Kumar ACMA, MBA, M Com

B Ravi Kumar ACMA, MBA, M Com (Expert)
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04 February 2012 If single transaction amount and overall exemption limit are crossing in 4th payment, you are not liable for any penalty for earlier payments.

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ajay makhecha

ajay makhecha (Querist)
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04 February 2012 OK.........THANK YOU SIR

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