TDS Return and Bill booking queries

Tds on property

1.You have to deduct tds under section 194i(a) @ 2% if the hire charges per year is more than 2.4lakh.
2.The mechanism over here is when ever you book the bill by next month 7th you have to deposit or pay through chalan to government, you can book the bills on quarterly basis also.
3.If the tds deducted is not deposited within 7the of next month then interest will be leived at 1.5% per month on tds amount including the month of default till the month of payment.
4.There may be a dispute with the person from whom you have deducted tds and late fee will be applicable for missed out tds filing.

Work contractors registration is required.

1. TDS to be deducted u/s 194I @ 2% if the annual hiring charges exceeds Rs. 2.4 Lakhs. 

2. If the bills are raised on a quarterly basis and payment is also made after receiving the bill then TDS can be deducted quarterly. 

3. If bills are being booked monthly and you make TDS payments quarterly then late payment interest has to be paid @ 1.5% per month. 

4. If you deduct and do not deposit the TDS then 30% of the expenditure will be disallowed at the time of filing of Income Tax Return. 

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