Need some clarification
This query is : Resolved
Guest
Guest
(Querist)
24 May 2012
Dear Sir,
If suppose we have issued a cheque to a company for their services which they have rendered to us & we as a company only deduct TDS, however, while giving the cheque to them we do not deduct the TDS but give them the entire pmt. Now suppose they have another pmt which we need to give them after 2 months, so can we deduct the TDS now for the 1st pmt + 2nd pmt that we are making???
Will there be any interest charged to us for not charging them TDS on their 1st pmt??
Say suppose we have not even entered the entry in Tally as well, when we made the 1st pmt, will we still be paying interest??
How much is the interest rate for making late pmt of TDS?
If suppose we have issued a cheque to a company for their services which they have rendered to us & we as a company only deduct TDS, however, while giving the cheque to them we do not deduct the TDS but give them the entire pmt. Now suppose they have another pmt which we need to give them after 2 months, so can we deduct the TDS now for the 1st pmt + 2nd pmt that we are making???
Will there be any interest charged to us for not charging them TDS on their 1st pmt??
Say suppose we have not even entered the entry in Tally as well, when we made the 1st pmt, will we still be paying interest??
How much is the interest rate for making late pmt of TDS?
24 May 2012
Yes you have to pay the interest on delayed TDS Remittance, which is 1.5/Month. Tally entries doesn't matter here.
On the second payment also you have to deduct the TDS now.
On the second payment also you have to deduct the TDS now.
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