Deduction of tds on payment made to bis

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sanjay mahto (Querist)
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18 March 2017 Dear Sir,
Kindly tell me that the payment made to BIS regarding testing & Analysis with renewal of licence, the payment is liable to deduct the tax at source?
If yes then in which section & what is the rate of Interest & Penalty?

plz reply me ASAP

Thanks & Regards

CA Shubhanshu Jain

CA Shubhanshu Jain (Expert)
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18 March 2017 Yes, TDS is required to be deducted @10& under section 194J.

Interest for late payment or non deduction is to be paid in following manner
- 1 % -> From date liable for deduction till date of actual deduction
- 1.5 %-> From date of deduction to date of payment

Penalty of an amount equal to tax not deducted could be imposed under section 271C (this in not imposed in every case)

I hope this will resolve your query

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