TDS Deducted on Professional services

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Shraddha Sinari

70 Points Joined June 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.

Replies (1)

Mahesh Bingi

Tax return preparer

462 Points Joined June 2016

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.