TDS U/s 194C deducted above 1 lakh
This query is : Resolved
26 September 2024
How to show the amount deducted as TDS U/s 194C when total bill amount reached 1 lakh or above in TDS return? Suppose someone's total bill amount crossed 1 lakh on the month of December, so we need to deduct TDS on the total amount. Now we have paid to the TDS amount in before 7th January. In Q3 TDS how should we show amounts? Do we need to pay interest on the previous amount that we haven't deducted TDS?
26 September 2024
You can directly deduct TDS in the final payment (when the aggregate amount crossed the limit) and declare in that quarter. No need to revise earlier return or pay interest for the payments made earlier.
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