Interest on late deduction of tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2012 Hello,
If services rendered in month of May and the month of receipt of Invoice for the same is July.Then in this case whether Interest on late deduction of TDS will be applicable?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 August 2012 TDS to be deducted on date of payment or credit whichever is earlier. So if bill is received in july then you are required to deduct TDS in july when you book the bill. So no interest on late deduction needs to be paid if deducted in july on receipt of bill.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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06 August 2012 yes agree with sanjay

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hshivakumar

hshivakumar (Expert)
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06 August 2012 yes, if any advance given earlier then you have to deduct month in which advance given otherwise in the month of july only you have to deduct.