21 June 2017
Hello all, During audit i found that a client had some transactions with one of the contractor but did not deduct TDS for the april, may, june & july transactions u/s 194C as the aggregate limit did not cross 100000 but in august when the limit crossed .. he deducted tds on the aggregate amount and deposited in sept by due date.. my question is " will the interest be payable for april, may, june & july transactions for late deduction because had he deducted tds in first place, it would have been deposited by 7 of their respective next months but now the whole tds amount is deposited on 6 sept ?"
21 June 2017
No, interest is not applicable for april, may, june, july because at that time there is no liability of deducting TDS and when liability arise TDS is deposited on whole amount
CAclubindia
