25 May 2011
suppose an assessee liable to deduct tds does not deducts any tds from say april to january because the payment did not exceed the limits specified in the act, but later on in february he deducts tds on the whole amount from april to february since the limit is crossed. whether the above late deduction will amount to interest u/s 201(1A)?
25 May 2011
No Interest will not be applicable as TDS to be deducted on crossing the threshold limit. Eligible date of deduction will be the date on which threshold limit is crossed. Therefore no interest payable.
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