regarding income tax

This query is : Resolved

kumar (Querist)
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04 November 2010 Dear sir,

i want to know suppose tds not deducted on bill of 20,000/- as the limit is of 30,000/- but again one more bill accounted for Rs.20000/- and limit cross of 30,000/- in the same year then TDS Will be deducted on whole amount. in this case whether interest will be applicable or not on earlier amount in which tds not deducted ?

pl.reply.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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04 November 2010 If limit crossed TDS will be deducted on whole amount.

For TDS rates and limits see below link--

https://www.caclubindia.com/forum/details.asp?mod_id=109491

CA Ankit Shah

CA Ankit Shah (Expert)
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05 November 2010 TDS liability arise when payment / credit amount exceed basic limit 30,000 / 75,000.

When payment to be made presently, then NET payment should be made after considering earlier payments also.

No interest liability arise for earlier payments TDS

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