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TDS Deducted on Professional services

07 October 2019

Hello

Our company outsource consulting service to an Individual. Monthly he is being paid 54000 after deducting 6000 TDS. For the month of September we forgot to deduct the TDS, So is there any penalty which we need to pay for non-deduction and non-payment of TDS on time. If yes, then please tell how to calculate the penalty amount.

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1 Replies

Mahesh Bingi (Tax return preparer) (457 Points)
Replied 07 October 2019

Hi, Here you need to deduct TDS from that Individual on next payment or collect now. Pay the TDS with Interest 1% per calendar month from the date of payment to date of deduction.