TDS On freight Bill
This query is : Resolved
01 July 2009
We are working with transport company and they have given us Five bills by June 2009 amounting Rs, 45000 /- .each bill is below 20000 /- but now at the end of june whwn we have recevied sixth bill the total exceed 50000 /-. Now TDS is applicale on it.
So i want ti ask that late interest will also be applicalbe on it or not becuase one bill was of April, May and three are of June.
Please reply me soon
Thanks in advance.
So i want ti ask that late interest will also be applicalbe on it or not becuase one bill was of April, May and three are of June.
Please reply me soon
Thanks in advance.
01 July 2009
Yes. Interest shall be applicable accordingly.
01 July 2009
The liability of deduction arises when the bills crossed the threshold limit of 50,000/-.
Since the sixth bill in june makes you liable for deduction, tax must be deducted and paid by 7th july, otherwise interest will be applicable otherwise not.
Since the sixth bill in june makes you liable for deduction, tax must be deducted and paid by 7th july, otherwise interest will be applicable otherwise not.
01 July 2009
if you paid tds by 7th july, no interest,otherwise it will be applicable
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