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Tds interest
i have received bill of job work which is under 194 c , bill date is 1.4.15 but taken in books 3.6.2015 and tds deducted 2 %can you confirm once TDS interest will be applicable or not ??
Replies (5)
Date of payment of tds into govt treasury is important here. Please provide the same.
TDS interest will be applicable
Tax to be deducted at source from the date of credit or payment to the contractor, whichever earlier. If payment is made after 3/6/15, then interest has to be paid from 3/6/15 till date of payment of tax to govt.
TDS must be deducted at the time of payment in cash or cheque or credit to the payee’s account whichever happens earlier.
In this case Tds Interest will be applicable from the payment date to the date on which it is deposited in Govt A/c.
Tds must b deducted at the time of credit or payment whichever is earlier....if u hv not done so, int is applicable
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