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Tds payment related query
what if I forgot to deduct tds on payment to contractors of April month? can we deduct it now... while making payment of may month on Or before 7/6/19
Replies (9)
OK, you can deduct it now and pay to government before 7th May 2019
is there any need to mention that while making tds payment of may... one payment of April is also made?? and is there any interest for d same
If TDS is deducted in April 2019, Due date is 7th May 2019,
so you have time to made tds payment.
now June is going on...
For TDS liability of April, deduct in June and pay the amount with 3% interest.
sorry, this is June month. then you can pay interest for 2 months. interest Rate 18% p.a
Interest rate for non deduction of TDS is 1% per month. So, you have to pay TDS amount with interest @ 3% (since liability pertains to April month and payment is being made in June month). And the details of transaction have to be shown in form 26Q (other than salary and payments to residents quarterly return) on 31.07.2019..
Agreed with Shreekanthji
| Originally posted by : Tanvi Udeshi | ||
 |
what if I forgot to deduct tds on payment to contractors of April month? can we deduct it now... while making payment of may month on Or before 7/6/19 |  |
Since, you have delayed the deduction of tax by one month. You need to pay 1% of TDS as interest.
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