TDS

This query is : Resolved

CA-ASPIRANT (Querist)
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30 May 2009
I would like to know if
JOB WORK TDS DEDUCTIBLE U/S 194C

till December,08
we received bill for job work for Rs. 15000+16000+4000= 35000

we did not deduct TDS on bills totaling 35000

On 31 January, we received bill for Rs.
19000

Now total turnover exceed Rs. 50000/-

and we deduct TDS ON 54000/-(35000+19000)

Should we pay Interest on Rs. 35000

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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30 May 2009 Yes, you need to pay interested on late deposit of TDS.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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30 May 2009 No, the procedure followed by you is correct.

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taxindiaconnect

taxindiaconnect (Expert)
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30 May 2009 No need to pay the Interest as the obligation to deducted has only been fixed when the limit has croseed 50K mark. I agree with Nitin on this.