Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2012 IN MY CO. WE HAVE DEDUCT TDS ON BILL(194C) MONTHLY, FROM LAST THREE MONTH WE HAVE NOT DEDUCT ANY TDS FROM VENDER, AND AT THE END OF THE YEAR IT CAME TO OUR NOTICE THAT SOME VENDERS TOTAL ANNUAL BILL ARE LESS THEN 75000/- .
WHAT SHOULD WE DO , SHOULD WE DEDUCT THE TDS RIGHT NOW AND MAKE RETURN FOR LAST 2 QUARTER. AND 2ND QUERY IS WHAT WOULD BE THE INTEREST THOSE WHOSE ANNUAL BILL ARE MORE THEN 75000/-

CA Kishore Tallam

CA Kishore Tallam (Expert)
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20 April 2012 U can deduct TDS in current month and remit the same along with interest @1% pm or part thereof from the date it is deductible till date of deduction and @1.5% pm or part there of from date of deduction till date of payment.
Hence, it is advisable to deduct and make payment in same day to avoid interest @1.5%.