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Interest on Late payment of TDS

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133 Points Posted on 08 October 2020
Hlo seniors,

Due to some issues i couldn't deposited my TDS liability(94J professional service & 94I Rent) of the month of September 2020
is there any relief for the late payment of tds ??
Please guide
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On 08 October 2020 at 10:36 Report
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5895 Points Posted on 08 October 2020
Deposit and payment are two different things when comes to TDS
there is a relax of 25%of the interest libility for delay inthe payment of the due taxes
but in case of delay in deposit of TDS where the tax is deducted the rate of interest is 1.5%for every month or art thereof
57 Reply
On 08 October 2020 at 11:41
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133 Points Posted on 08 October 2020
Thanks,
One more question
we took professional service and they raised invoice 30000+Gst, shall we deduct the TDS?
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On 08 October 2020 at 18:33
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204 Points Posted on 08 October 2020
TDS is required to be deposited before 7th of the next month. Deposit tax along with interest. Secondly in case of professional service with invoice 30000+gst, TDS should be deducted on total invoice.
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On 08 October 2020 at 23:08
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133 Points Posted on 09 October 2020
No sir, TDS deducted on only taxable income not on GST .
But we'll pay 35400/- incl of Gst ... so m just little bit confused
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On 09 October 2020 at 08:04
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204 Points Posted on 09 October 2020
You have to deduct TDS on 35400 @ 10%.
1 Reply
On 09 October 2020 at 13:02


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