TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 September 2010
As per Income Tax Act, tds should be deducted at the time of payment or credit whichever is earlier.
If company is making advance payment to contractors without deducting TDS and deducting tds in month end then what will be the effect of this?
What is the penalty for this?
Please reply urgently.
If company is making advance payment to contractors without deducting TDS and deducting tds in month end then what will be the effect of this?
What is the penalty for this?
Please reply urgently.
01 September 2010
Interest on late deduction of TDS to be paid @1% per month.
01 September 2010
But, Sanjay,
Isn't it that the gentleman is saying that both payment & tds deduction, are during the same month ?
Will your answer be the same ?
Isn't it that the gentleman is saying that both payment & tds deduction, are during the same month ?
Will your answer be the same ?
Message likes :
1 times
01 September 2010
Because, in my opinion, if the payment is done in the beginning or mid of month & TDs is deducted in the month-end, then no interest is to be paid.
01 September 2010
*
01 September 2010
If deduction and payment both in same month no interest payment is required.
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