Tds

Technically what the accountant is doing is correct (atleast he is deducting TDS)... But this amounts to delayed TDS payments.... TDS has to be on credit or payment whichever is earlier

you done correct  but you need to pay interest 1.5% per month for delay of deposit of TDS

Girisha !  cut off Amount of professional services is 30000/- not 75000/- so interest payment mendatory.

if aggregate amount payable  is 75000  or more to a single person only then tds is deductible and the limit for 30000 is that if a single bill's amount is 30000 or more then deduction is mandatory even though aggregate is not 75000 so what accountant did is correct

Mr .Sampurna Nand Awasthi is correct as limit U/s 94- J is 30000 & not 75000 so so interest payment mendatory.

Agree With Mr. Sumpurna Nand Awasthi

Agree with Anushree....

194J requires application of TDs the moment one crosses a threshhold of Rs. 30000. In the instant case, TDS should hav e applied when the May bill was due for payment as it exceeded the threshhold. Hence TDS should have been on Rs. 50000 for April & may. Since it has been deducted in Decemebr, interest would be leviable & payable mandatorily. Limit of Rs. 75000 is applicable only in case of 194C.

Accountant has correctly deducted TDS, also there is no liability for payment of Interest

If we pay TDS by online SBI A/C on 30th april but authorization done on 2nd may whether it attracts penalty or not? kindly reply as soon as possible