Late tds deducted
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2015
Dear expert
in FY 2014-15, i have paid RS. 50000 on 17/11/2014 for professional service but mistakenly i have not deducted 10% TDS on that said transaction. but again i have paid rs. 50000 on 10/2/2015, to the same party and i have deducted 10% TDS u/s 194J on full 100000, plz. tell me i have pay any interest or not for not deducting TDS on first transaction..
plz reply...
in FY 2014-15, i have paid RS. 50000 on 17/11/2014 for professional service but mistakenly i have not deducted 10% TDS on that said transaction. but again i have paid rs. 50000 on 10/2/2015, to the same party and i have deducted 10% TDS u/s 194J on full 100000, plz. tell me i have pay any interest or not for not deducting TDS on first transaction..
plz reply...
15 April 2015
Yes. You will have to pay interest u/s 201 @ 1% per month for a part of a month also.
This is on late deduction of TDS.
Te interst will be payable from the date on which the TDS have to be deducted and till the date on which the TDS actually deducted.
This is on late deduction of TDS.
Te interst will be payable from the date on which the TDS have to be deducted and till the date on which the TDS actually deducted.
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2015
But sir
once in case of salary i have not deducted TDS on salary since the 1/4/2014. but i have deducted the full tds in February 2015. in this i have pay interest also or not...
once in case of salary i have not deducted TDS on salary since the 1/4/2014. but i have deducted the full tds in February 2015. in this i have pay interest also or not...
15 April 2015
dont the employee had any pf or any thing deductible in salary head... so that it wont make his salary taxable...
15 April 2015
Oh. You deducted in Feb 2015?.
Then you have to pay interest on TDS at 1.5% per month and for a part of a month as late payment interest.
I.e, 3 months (Feb, March, April).
Interest on late deduction will be ignored in many cases. You may pay that only.
Then you have to pay interest on TDS at 1.5% per month and for a part of a month as late payment interest.
I.e, 3 months (Feb, March, April).
Interest on late deduction will be ignored in many cases. You may pay that only.
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