Our company didnot deduct TDS u/s 194C as we thought the aggregate amount of payment would not exceed Rs.1 lakh during 2016-17
but in march the aggregate amount of payment during the year 2016-17 exceeded Rs.1 lakh.
what is the solution to this. how do we deduct TDS and on what amount? interest payable? penalty?
You need to deduct TDS on the whole amount from the last credit/payment. However, interest won't apply. Assuming that individual amounts are up to 30K.
CAclubindia
