If suppose we have issued a cheque to a company for their services which they have rendered to us & we as a company only deduct TDS, however, while giving the cheque to them we do not deduct the TDS but give them the entire pmt. Now suppose they have another pmt which we need to give them after 2 months, so can we deduct the TDS now for the 1st pmt + 2nd pmt that we are making???
Will there be any interest charged to us for not charging them TDS on their 1st pmt??
Say suppose we have not even entered the entry in Tally as well, when we made the 1st pmt, will we still be paying interest??
How much is the interest rate for making late pmt of TDS?
CAclubindia
