Tds
Querist : Anonymous
Querist : Anonymous
You **should deduct TDS on the entire Rs. 40,000** (Rs. 15,000 + Rs. 25,000) when you make the second payment or deduct TDS next time.
Regarding **interest**:
* Since you **did not deduct TDS on the first Rs. 15,000** at the time of payment (May-16), **interest will be payable on that Rs. 15,000** for the delay in deduction of TDS.
* The interest is calculated from the date on which the TDS should have been deducted (i.e., May-16) till the actual date when you deduct and deposit TDS with the government.
So yes, **you are liable to pay interest on the Rs. 15,000** because TDS was not deducted when it was supposed to be.
If you want, I can help you calculate the approximate interest or explain how to handle this in your TDS returns.
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