TDS-THRESHOLD LIMIT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2010 HI,

In case threshhold limit exceed for deduction of tds after specified period of time then in that case Interest on late payment of TDS to be deposited from very beginning?

Actually currently it is not clear whether Rent on plant and machinery will exceed 120000(1800000) as we have recieved only 3 lakhs rups bill till now?

kindly advise

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 May 2010 Start deducting TDS Dear
Present limit is Rs 120000/-

wef 01.07.2010 it will be Rs. 180000/- and not Rs. 1800000/-

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Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2010 Hi,

Sorry typo mistake. I mean to ask currently picture is not clear whetherr it will exceed specified amount or not and party doesn't want us to deduct tds.

Now i am asking in case in future it exceeds 180000 then Interest on late payment of tds to be deposited from very beginning or no interest liablilty as threshold limit is not increased??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 May 2010 You have mentioned 3 Lacs bill received so it exceeds Rs. 1.8 Lacs.

Interest ill be paid from the date of crossing of Threshold limit. i.e Date of Tax Deduction

CS Richa Sharma

CS Richa Sharma (Expert)
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13 May 2010 Agreed with Sanjay Sir.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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13 May 2010 Agreed with Sanjay Ji.
Deposit TDS on Rs.1.80 Lacs with interest.

Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2010 Thanks a lot Mr.Sanajy Gupta. Actually I mentioned wrongly 3 lakhs it is 30000 thousand only.

But got the reply that Interest will be paid from Date of crossing threshold limit and not from beginning...

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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13 May 2010 welcome dear

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