TDS on contractors - exceeding 75000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 June 2011
dear friends,
Paymet to contractor exceeded Rs.75000 only in march 2011 (viz 13000, 18000, 16500, 18790,11090 spread over 4 quarters of fy 2010-11. I deducted TDS on entire amount ( on 77,000) from the last payment.
My queries
1. Do I need to calculate interest for not deducting ( i.e. late deduction ) the tds from the first four above mentioned amounts ?
2. Do I need to revise the quarterly e-tds returns ( as deducted tds in the last quarter but amounts pertains to earlier quarters)
Its urgent
Thank you in advance
Paymet to contractor exceeded Rs.75000 only in march 2011 (viz 13000, 18000, 16500, 18790,11090 spread over 4 quarters of fy 2010-11. I deducted TDS on entire amount ( on 77,000) from the last payment.
My queries
1. Do I need to calculate interest for not deducting ( i.e. late deduction ) the tds from the first four above mentioned amounts ?
2. Do I need to revise the quarterly e-tds returns ( as deducted tds in the last quarter but amounts pertains to earlier quarters)
Its urgent
Thank you in advance
11 June 2011
This is not a late deduction. Tax is to be deducted only so no interest is to be paid.
The quarterly tds returns need not be revised. Pl follow instructions given in following link:
http://www.tin-nsdl.com/TDS-Guidelines.asp
The quarterly tds returns need not be revised. Pl follow instructions given in following link:
http://www.tin-nsdl.com/TDS-Guidelines.asp
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