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

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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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