14 December 2010
Please help me, We have been deducted TDS but deposited within the time. Question is from what date We have to interest? SUPPOSE TDS is deducted on 05-05-2010 but not deposited till now. From which date, we have to interest? Suppose professional charges is paid on 05-05-2010 without deducting TDS from which date we have pay Interest?
14 December 2010
TDS is required to deduct on Accounting of bill or payment which ever is earlier. Hope in your question you have deducted tax in time. The due date of payment in your case is 7th of June 2010 and if not paid on or before 7th june then interest on monthly basis is to pay from 8th june onwards. also if professional charges paid on 05.05.2010 and TDS not deducted, due date is 7th of June 2010(if bill not accounted before May 2010)and interest accordingly apply as mention above.
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