TDS-THRESHOLD LIMIT
Querist : Anonymous
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
Present limit is Rs 120000/-
wef 01.07.2010 it will be Rs. 180000/- and not Rs. 1800000/-
Querist : Anonymous
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??
Interest ill be paid from the date of crossing of Threshold limit. i.e Date of Tax Deduction
Deposit TDS on Rs.1.80 Lacs with interest.
Querist : Anonymous
But got the reply that Interest will be paid from Date of crossing threshold limit and not from beginning...
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