vinayak c. chavan (CPT passed) (1011 Points)
27 September 2012We are private limited company. We have paid our customer commision of Rs.7000 in April 2012 but we have not deducted TDS on it at the time of payment, Can we deduct TDS now and paid the same? Can we ignore TDS on this transaction as there is no further transaction with that customer since then? If I pay TDS now then there will be penalty of interest applicable ?
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 27 September 2012
As per Sec.194H, you have to deduct TDS on commission paid in excess of rs.5000/-
So, u have to pay it with intt charges and late payment fees.
Intt is @ 1%p.m. from the date of payment to the date of deduction
Intt. @ 1.5%p.m. from the date of deduction to the date of depositing with the tax authorities.
Late pymt fees is rs.200/- per day or amount of tax, whichever is less.
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