tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 April 2012 Please answer the following query regarding TDS
ABC issue bill for Rs. 10000/- towards service , bill date is 1.10.2012, we have made the payment on 2.11.2012, but we could not deduct the TDS, what would be the rate of Interest.
If we paid the bill in the month of Oct. 12 then what would be the interest.
If we have not made the payment the same bill, then

swasti

swasti (Expert)
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26 April 2012 The date of tax deduction is taken as "date on which amount is credited" or the "date on which payment has been made" whichever is earlier. TDS is to be deposited by the 7th of the coming month. If there is any delay in payment of tax then interest @ 1.5% p.m. or part thereof is applicable.