Tds u/s 194c (tds & interest calculation)

TDS 2467 views 2 replies

I have made following payment for Stationary Printing work for Jobwork. But I did not deduct any amount of TDS till the date.

 Sr.no  Party Name Date of Payment work Amt
1 ABC 25/7/12   18750
2  '' 25/7/12   19250
3 " 25/7/12   10500
4 " 24/9/12   6000
5 "  7/11/12   8320
6 "  7/11/12   900
7 "  7/11/12   1200
8 "  7/11/12   1200
9 " 11/09/2012   7300
10 " 18/2/13   3494
11 " 18/2/13   20300
12 " 18/2/13   10200
13 " 25/3/13   3360
14 " 28/3/13   6000
15 " 31/3/13   2400
      Total Amount 119174


As per the above details, Limit of Rs. 75000 crossed in February i.e. 10th Payment.

I wish to know that Interest for default would be payable from very first payment or from February?

I have neither deducted nor deposited TDS yet, as I just come to know that limit was crossed.

Kindly guid me as early as possible.

Replies (2)
Do one think.. Deduct tds in end of Feb on total amount till feb... nd in the end of march on total amount of march.. U have to pay interest only on late deposit tds..

Deduct TDS in the month in which you exceed the limit for all the payments made till date and deposit the same. In your case you exceed the limit in Feb-2013, you may now deduct the TDS in Feb-13 on payments made till Feb-13 and deposit the same on today with the interest from Feb to till date. If yoour Feb month is closed just deduct the TDS in March and deposit the same today with aforesaid intt.


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