31 January 2015
Query related to TDS filing
1. Actual payment made on 02.04.2014 to a contractor
but deduction for the same is not made on 02.01.2015
Whether such TDS transaction to be filed as Q1 Return or of Q4?
31 January 2015
You need to deduct TDS and deposit along with interest on short deduction of TDS @1% per month or part thereof. After that you need to file the return for 1st quarter. If the 1st quarter return is already filed then you need to file the revised return.
31 January 2015
Dear Rupesh Ji how can he deduct TDS in April 2014? Its January 2015 now. Interest on late deduction of TDS is 1% per month. TDS will be deducted in January 2015 and will be deposited along with 10% interest on late deduction of TDS i.e., 1% per month from April 2014 to January 2015.
Going by your advice there will be no need for separate interest rate for late deduction of TDS. Hope its clear.
31 January 2015
mr sanjay as per law tds liability arise when payment made or amount credited in vendor a/c it is right tds cannot deduct in april -2014 due to today is jan-15
31 January 2015
Yes TDS liability arises from date of payment or credit whichever is earlier that is why there the interest on late deduction is paid. You said that interest @ 1.5% needs to be paid which is not correct. Ask anyone in the present case interest on late deduction of TDS @1% will have to be paid. 1.5% is applicable when TDS is deducted but deposited late i.e., interest on late deposit of TDS.
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