Tds

This query is : Resolved

ARPITA VINODKUMAR MEHTA (Querist)
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03 February 2015 TDS IS LIABLE TO DEDUCT U/S. 194.
IN DECEMBER 2014 BILL IS THERE FOR AN AMOUNT OF RS. 44564 BEFORE IT BILL OF RS. 14715 AS ON 01.07 AND BILL OF RS. 12115 AND OF RS. 11576 WERE AS ON 01.10.14
IN SHORT LIMIT OF RS. 75000 CROSSED IN DECEMBER,2014. IT WAS NOT DEDUCTED.
THEN WHETHER TDS LIABILITY IS ON 44564 OR ON AMOUNT OF RS. 133116. ACCORDING TO MY POINT OF VIEW IT IS ON TOTAL AMOUNT.
AND HOW MUCH INTEREST IS LIABLE TO PAY IF TDS IS DEDUCTED NOW?
INTEREST @1 AND 1.5% BOTH PAYABLE AND FOR HOW MANY MONTHS?

@VaibhavJ

@VaibhavJ (Expert)
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03 February 2015 Hi

When limit exceed threshold limit TDS to be deducted on total amount without any Int. on that.

Thanks!!
@VaibhavJ

ARPITA VINODKUMAR MEHTA

ARPITA VINODKUMAR MEHTA (Querist)
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04 February 2015 LIMIT IS EXCEEDING ON DECEMBER. SO LIABILITY TO DEDUCT TDS ARISES ON DECEMBER BUT IT IS NOT DEDUCTED IN DECEMBER SO WHY THERE IS NO INTEREST LIABILITY? AND IT ARISES 1% OR 1.5% OR BOTH

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@VaibhavJ

@VaibhavJ (Expert)
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04 February 2015 If Dec TDS is not paid in time then int. liability will be 1% since no TDS is deducted.

Thanks!!
@VaibhavJ