Tds deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2012 Dear expert,
In case of a tax practitioner, professional fee due on a client for 4th quarter of FY 2011-12 is Rs. 16000/- and for the 1st quarter of FY 2012-13 is Rs. 8000/-. Both payment will be made in the month of July 2012. For the coming quarters the expected payment would around Rs. 8000/- for each quarter.
Please advise me that in the above case, total of 16000/- and Rs. 8000/- should be received after the TDS deduction or not? If yes then at what % TDS should be deduct?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 July 2012 TDS need to be deducted on due or payment which ever is earlier. since the 4th quarter payment Rs.16000/- due in the last year.even you pay in current financial year, it will not effect the threshold limit since it related to last year. so you need to calculate the current year payment Rs.8000 per quarter for the threshold limit of TDS

Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2012 On which rate tds would be deducted?
And what can be result of non-compliance of TDS, on the part of deductee.

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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05 July 2012 TDS rate for section 194J is 10%

Non compliance by the deductee

1. TDS deductible but not deducted

2. Short deduction

3.TDS deducted but not not paid to Govt with in due date

4.TDS return not filed with in due date