In case a payment is been made now(i.e after Oct-09) which relates to invoices for month of Aug & sept-09 what rate of TDS be charged in case of Interest? TDS is not deducted earlier but is deducted now after Oct-09 So tds rate should be 10% na in case of any assessee.
09 December 2009
The issue is covered under section 194A. The section says that tax is to be deducted at the time of credit or payment which ever is earlier. So the rate prevailing on the date of passing the entry in the books of account has to be applied. Date of entry is not given in the query hence rate is not answered.
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