Tds

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seema (Querist)
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29 December 2011 bill booked in nov rs 20000. payt made in dec after deducting tds rs 19600.tds paid on 6th jan without paying any penal interest tds @ 2% of contractor. is this correct. even salary of profession of nov paid in dec after deducting tds @ 10%. tds paid on 6 jan. is this correct

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 December 2011 TDS required to be deducted at the time of bill booking or payment whichever is earlier.

Since bill was booked in November, TDS was required to be deducted in November itself and was to be deposited by 7th December.

You shall be liable to pay interest @ 1% from the date of bill to the date of actual deduction.

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