26 November 2012
my company received a bill for professional fess of Rs. 125000 dated 20th May,2012 for consultancy service. The amount was credited in books on 22nd September,2012 and paid on 25th October,2012. Case-1 TDS deducted on 22nd Sep,2012 But not paid till now. Case-2 TDS not deducted/ paid till now
Q. When TDS should be deducted? How much should be interest?
27 November 2012
TDS is to be deducted on 22 sep. and should be paid on or before 7th oct.
Interest:- if deducted on 22nd sep not paid till date:- @ 1.5% p.m. from the date of deduction till the date of actual payment (days should be rounded off to the month).
If not deducted:- @1% from the date it should be deducted till the date of actual deduction (days should be rounded off to the month).
@1.5% from the date of actual deduction till the date of actual payment (days shoud be rounded off to the month.
CAclubindia
