14 March 2009
To All, sir, I have not deducted TDS on professional Fees of a person assuming total payment during the yr will not exceed the exempt limit (i e Rs 20000/-), but now with current payment it is crossing the limit. My query is shall I calculate & dedudct TDS on prvious payment (which I have not deducted earlier) from current payment including interest (on late payment). ? will interest also be payable ? thanks
14 March 2009
while giving current payment you have to deduct TDS @10.3% u/s 194J calculate TDS on Aggrgate payment i-e first payment to current payment Interest for late payment is also apply
CAclubindia
