Assessee is subjected to deduct tds u/s 194c. For a part of year till the payment was within the threshold limit i.e. no TDS was deducted. Now when the total payment exceeded Rs. 75000 he was supposed to deduct Tds which he failed to do.
Now the query is wether he has to pay interest for the payments which were within the threshold limit as after crossing the limit tds is to be deducted on the amount in totality or has to pay interest from the date of payment when he exceeded the threshold limit ??
Secondly While filing the return for TDS of the quarter when he crossed the limit , total payment till date is to be shown in the same quarter or the previous payments are to be reported by filing a return for the respective quarter lately??
Kindly Assist at the earliest.
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