hey guys
needed help on a TDS related query... suppose there is a certain party say TDS on courier... it wasnt expected that the total payment would exceed 50000 and no payment was above 20000. and so no TDS was considered. But at the end of the year payment has exceeded Rs 50000, i.e. crossed the basic limit... what then would be the remedy???
u r nw required 2 deduct tds on whole amt....
right u r required to deduct the tax on the whole amount & deposit the same before the due date
sunil
Megha is right u have to deduct TDS now on full amount bt no interest willbe levied on late dedcution and deposite of TDS on the ground that it was not expected to cross Rs. 50000.
Thank you guyz...
CAclubindia
